Cross pair (no US dollar)
EUR/JPY through the Lens: the euro yen cross across three sessions
EUR/JPY is the price of one euro in Japanese yen. It is among the most traded crosses, built from EUR/USD and USD/JPY, and it responds to European rate expectations, Japanese policy and overall market mood. It usually moves more than EUR/USD and less than GBP/JPY. SMC traders watch Tokyo and London hours for its liquidity.
Pair facts
| Base currency | EUR (euro) |
|---|---|
| Quote currency | JPY (Japanese yen) |
| Type | Cross pair (no US dollar) |
| One pip | 0.01 |
| Usual quote | 3 decimals (the last digit is a tenth of a pip) |
| Pip value, standard lot (100,000 EUR) | 1,000 JPY |
| Pip value, mini lot (10,000 EUR) | 100 JPY |
| Pip value, micro lot (1,000 EUR) | 10 JPY |
Pip values are exact in the quote currency (JPY). In another account currency they change with the exchange rate. No prices, no levels, no forecasts on this page: it is a description of the pair, not a view on it.
What EUR/JPY is
EUR/JPY pairs the euro, managed by the European Central Bank, with the yen, managed by the Bank of Japan. It is a cross: dealers price it from EUR/USD and USD/JPY, and a move in either leg shows up here.
Its drivers are the gap between European and Japanese interest rates, any change in Bank of Japan policy, and the tendency of the yen to strengthen when investors grow cautious. Because the dollar appears in both legs in opposite directions, a broad dollar move can partly cancel out, leaving the cross to express how the euro and the yen compare with each other.
When EUR/JPY moves
The yen side is active in Tokyo hours and the euro side in European hours, with a short handover between them. The pair often forms its early range in Tokyo and makes its larger move after Frankfurt and London open. The New York morning can add to it through the USD/JPY leg.
On the ForexLens clock, in New York time, that maps onto all three kill zones: Asia 20:00 to 00:00, London 02:00 to 05:00 and New York 07:00 to 10:00, with London usually the most important for this cross.
How EUR/JPY tends to behave
In pips, EUR/JPY usually moves more in a day than EUR/USD and less than GBP/JPY. Its spread is wider than on the majors but usually narrower than on the less traded crosses. It tends to trend when the two legs agree and to chop when they disagree.
As with all yen pairs, distances are easy to misread: the pip is the second decimal place, so a move that looks small on the price scale can be large in pips.
How smart money concepts are applied to EUR/JPY
SMC traders mark the Tokyo session high and low, and the liquidity said to rest beyond them, before London opens. A London push that takes one side and closes back is read as a liquidity sweep, and a reversal after it follows the pattern described as the power of three: accumulation, manipulation, distribution.
When the move away is strong it usually leaves a fair value gap and often an order block behind it, the two zones the entry model works from. That model is a checklist for reading, not a promise about outcomes. Stops should allow for the larger range, with size reduced to match. Practise labelling the three phases in Power of Three.
EUR/JPY questions
What is the pip value of EUR/JPY?
A pip on EUR/JPY is 0.01, the second decimal place, because the yen is the quote currency. One pip is worth 1,000 yen on a standard lot of 100,000 euros, 100 yen on a mini lot and 10 yen on a micro lot, converted into your account currency at the current rate.
Is EUR/JPY more volatile than EUR/USD?
Usually, yes, when measured in pips per day. The cross carries movement from both EUR/USD and USD/JPY, and the yen reacts strongly to changes in rate expectations and market mood. It is usually less volatile than GBP/JPY. These are typical comparisons, not fixed facts, and they shift over time.
When is EUR/JPY most active?
EUR/JPY usually has some activity in Tokyo hours, becomes most active after Frankfurt and London open, and can move again in the New York morning. It tends to be quiet late in the New York day. This is a description of typical activity, not a recommendation.
Other pairs
Practise on simulated charts
ForexLens games use simulated prices on several pairs. Start with structure, then liquidity and sessions.