EUR/JPY: how the euro yen pair works

• EUR
• JPY

What EUR/JPY is

EUR/JPY is the euro priced in Japanese yen. The quote shows how many yen one euro buys. The euro is the base currency and the yen is the quote currency. If the price rises, the euro is gaining against the yen. If it falls, the yen is gaining.

EUR/JPY is a cross, meaning a pair without the US dollar. It is a minor pair and one of the most traded yen crosses. See Majors, minors, exotics for how pairs are grouped.

How to read the quote

Every quote has two prices:

• Bid: the price at which you can sell the euro.
• Ask: the price at which you can buy the euro.
• Spread: the gap between them. It is a trading cost paid when you open a position.

Yen pairs are quoted with fewer decimal places than pairs like EUR/USD, because the yen price of a euro is a large number. On yen pairs the pip, the standard unit of price movement, sits at a different decimal place than on EUR/USD. Most platforms show one extra digit beyond the pip, called a pipette. Check the digits for EURJPY in the symbol specification in your platform.

Pip size and pip value per lot

Pip value is the profit or loss from a move of one pip on your position size.

• In the quote currency (yen), pip value = pip size × contract size × number of lots.
• In your account currency, you convert that yen amount at the current rate. For a USD account this uses the USD/JPY rate, so EURJPY pip value in dollars changes as USD/JPY moves. See USD/JPY.

Use the calculator below to get the pip value for your lot size in both yen and your account currency.

Margin and leverage

Margin is the amount set aside to open a position. Leverage sets how large a position that margin controls. Higher leverage means less margin per position, but a smaller adverse move can wipe out the account. Leveraged CFD and forex trading can lose money fast.

What tends to move EUR/JPY

There is no single driver. The pair reacts to news from Europe, Japan and the wider market. For a broader method, see Fundamental analysis.

Euro side

• ECB policy: interest rate decisions, guidance and balance sheet plans from the European Central Bank.
• Euro-area inflation: price data that shapes rate expectations.
• PMIs: purchasing managers' surveys, an early read on business activity.
• German data: as the largest euro-area economy, German output, sentiment and industry figures matter.
• Energy prices: the euro area imports much of its energy. Higher costs can weigh on growth and on the euro.

Yen side

• BoJ policy: Bank of Japan rate decisions and its stance on government bond yields and the yield curve.
• US–Japan yield gap: the difference between US and Japanese bond yields affects yen demand across all yen pairs, not only USD/JPY.
• Safe-haven demand: in periods of market stress the yen often gains as investors reduce risk. Yen crosses can fall sharply at these times.
• MoF intervention risk: Japan's Ministry of Finance can step into the currency market after large yen moves. Intervention, or warnings about it, can produce fast and wide price swings.

Because both central banks matter, many traders follow EURJPY analysis alongside EUR/USD and USD/JPY. Pairs that share a currency often move together. See Pair correlations.

Liquidity by session and spread behaviour

• Tokyo session: yen trading is active. Japanese data and BoJ news land here.
• London session: euro liquidity rises. This is usually when EUR/JPY is most liquid and spreads tend to be tighter.
• New York overlap: still liquid, with US data affecting the yen through yields.
• Late US hours and the daily rollover: liquidity thins and spreads often widen.

Spreads also tend to widen around central bank decisions, major data releases, intervention news and market opens after weekends. Check upcoming events in an economic calendar before trading.

EUR/JPY conditions at Exness

The figures below are from Exness account pages and the Help Center at the time of writing. Conditions can change. Check the current EURJPY specification in the platform or in the Exness personal area.

"From" values are the lowest advertised spreads across instruments, not the EURJPY spread at any given moment. Spreads can widen.

Other general conditions:

• Minimum lot: 0.01 lot. Maximum lot: 200 lots (7:00–20:59 GMT+0), 60 lots (21:00–6:59 GMT+0).
• Unlimited leverage covers these instruments: Forex majors and minors, DXY, USDCNH, HKDJPY, USDHKD, USDTHB; all commodities except XAUUSD247; BTCUSD, BTCUSDT, ETHUSD, ETHBTC. Conditions: on real accounts: equity below 5,000 USD and at least 10 closed orders totalling 5 lots or more across real accounts. Check in the platform whether it applies to EURJPY on your account.
• For forex, leverage during higher margin requirement periods is 1:200 (0.5%). These periods cover the window from 15 minutes before to 90 seconds after high-impact news.
• Clients registered from Pakistan are on the list of Islamic countries where swap-free status is assigned automatically. See Swap fees and Islamic finance.

For Pakistan residents, the position is clear: per the SBP, remitting foreign exchange to overseas forex/margin/CFD platforms is not allowed through any payment channel (FERA s.5(1)). Read Law and regulators before opening an account.

Frequently asked questions

Is EUR/JPY a major pair?

No. It has no US dollar, so it is a cross and is usually grouped with the minors.

Why does pip value on EURJPY change in a USD account?

Profit is first counted in yen and then converted into dollars at the USD/JPY rate. When that rate moves, the dollar value of a pip changes too.

Why can EUR/JPY move sharply during market stress?

The yen often attracts safe-haven buying, and yen crosses can drop quickly. Intervention news from Japan's Ministry of Finance can also cause sudden moves.

When are EURJPY spreads usually tighter?

Usually during the London session, when liquidity is highest. They tend to widen in thin hours and around major news.

Can I practise EUR/JPY without real money?

Yes, on a demo account. A new registration gets a demo account with 10,000 USD (virtual). See Demo account.

Where do I find the exact EURJPY contract specification?

In the symbol specification inside MetaTrader or the Exness terminal, and in the Exness personal area. See Platforms and apps.