I would like to eventually get into Forex and was looking at some charts the other day and came across a problem I was wondering if someone could help me with.
My understanding is that when you are given a currency pair the price is in the second currency eg AUD/USD $0.75 meaning it only takes US$0.75 to buy A$1.00.
The question I have is when I now look at GBP/JPY 202.40 meaning it takes 202.40 yen to buy 1 pound. This price and chart are not in AUS$ and obviously dont work when I try to run a simulation in Tradesim because it sees 202.40 and assumes it is dollars.
How do other people get around this and do their testing?