EUR/JPY(Yuppy)

What is EUR/JPY?

EUR/JPY pairs the Euro against the Japanese Yen. Like USD/JPY, it trades on the 2-decimal pip convention (one pip = 0.01). Standard-lot pip value varies with the spot rate but typically sits around $6.50 to $9.

EUR/JPY is highly correlated with global risk appetite. JPY strengthens during risk-off episodes (equity selloffs, geopolitical shocks), so EUR/JPY tends to fall when the S&P 500 sells off. The pair often produces clean trends because it combines two distinct directional drivers (EUR strength and JPY weakness, or vice versa).

Base currency

EUR (Euro, Eurozone)

Quote currency

JPY (Japanese Yen, Japan)

Pip location

2nd decimal (0.01) — yen-quoted

Volume share

about 3% of daily global forex turnover, largest yen cross

When to trade EUR/JPY

EUR/JPY has two prime windows. Tokyo open (8 PM to 11 PM ET) drives early yen moves, and London open (3 AM ET) drives the EUR-side flow. The two combined cover roughly 70% of the daily range.

Avoid the late-NY window (3 to 5 PM ET) — both Asian and EU desks are dark, US desks are clearing, and the pair drifts.

Best session

Tokyo + London (3 to 12 AM and 3 to 11 AM ET)

Avoid

Late NY (3 to 5 PM ET)

News events that move EUR/JPY

ECB and BoJ rate decisions are the highest-impact events. When the two central banks diverge, EUR/JPY can move 120 to 200 pips on the announcement. ECB press conferences (45 minutes after rate decisions) add the directional bias.

Risk-off events drive the pair as much as central-bank policy. A major equity selloff or geopolitical shock can move EUR/JPY 100+ pips lower as yen strengthens on safe-haven demand.

Central banks

European Central Bank (ECB), Bank of Japan (BoJ)

Key releases

ECB rate decisions, BoJ rate decisions, Eurozone CPI, BoJ press conferences, Risk-off events

Want the full event calendar? See the economic calendar, and look up unfamiliar terms in the forex glossary.

EUR/JPY FAQ