The Tokyo Session The Tokyo session starts at 12:00 GMT. It is often called the Asian session, which subtly indicates that Tokyo is the center of Asian financial activity.

Remember that we said earlier that the yen is the third most traded currency, so they are the third-largest forex trading center in the entire world, so it is not as if this is a session to overlook in any form or fashion. The yen is involved in around 17% of all forex transactions, and around 1/5th of all forex transactions occur during this session.
Here are the pip ranges when it comes to the Tokyo session:

This is, of course, based on past data, and forex is ALWAYS subject to liquidity and news changes, which is why it is so susceptible to geopolitical conditions.
Of course, we must provide some context and information when it comes to the Toyko Session, as the best trader is always well-informed. First and foremost, although Tokyo is considered the “center” of Asia when it comes to forex trading; let us be clear. Asia is a large continent that has all sorts of metropolitan cities with robust economic activity participating in the massive whirlwind that is the forex market.
This would include Hong Kong, which is not surprising. It may not have the same population or economic stature of Tokyo, but it should be noted that it is the epicenter of a superpower (China) unlike Tokyo. In this manner, some of the events and news that results from this particular city can dictate geopolitical events that can affect the whole of Asia. It is also well-known that China attempts to manipulate its currency in various manners, and this affects the rest of Asia, even slightly, as well. It should also be mentioned that Shanghai is often considered the economic center of China, and is widely considered one of the fastest-developing cities in the world, with a population that is somewhere around double that of Tokyo’s. It is important to consider that Tokyo, while the current #1 city in terms of forex trading in Asia, certainly has some competition.
It should also be noted that between China and Japan, two of the largest economies in the world, so much money is exchanging that involves trade. However, there are times when the liquidity is thinner, which offers some great opportunities for day traders to score some potential profit.
Most of the activity occurs early on in the session, when most of the economic data is available, and it should be noted that there are many days in which what happens in Asia, in some ways, “sets the tone” for the rest of the day. This is not to suggest that this means it “dictates” the global market at all, of course, but to say that it can certainly give clues as to how other sessions might move, which can certainly be helpful to the right trader who is analyzing the right information and metrics.

In summary, there will tend to be some consolidation in the Tokyo session if there was a big move in the New York session, which is only natural, as it would not be typical for a particular currency pair to continue moving in a certain direction throughout sessions unless the news was quite impactful and/or dramatic.
Australia, New Zealand, and Japan news comes out during this session, so the trader should utilize this information as much as possible, no matter what it is: housing market numbers, unemployment records, or import/export numbers. One should look for Asia-Pacific pair moves, such as AUD/USD or NZD/USD for opportunities, since, quite obviously, these would be most affected by news specific to that area.
Ultimately, trade affects much of the Tokyo session, because of the massive import/export numbers of two of the largest economies in Asia – China and Japan. Singapore and Sydney also do well to help set the tone of the Tokyo session, as well. All in all, it might provide some opportunity, and could potentially help to set the tone for the resulting London Session, as well.
Some general rules to remember is that Chinese news tends to be more powerful than the rest, because of its superpower status, and that since Australia and Japan’s economy relies on Chinese demand so much, there can be an opportunity to trade these particular pairs immediately after news comes out.