EUR/JPY: Live Rate, Pip Value and the Risk Barometer
A cross that traders watch even when they do not trade it: euro strength against a defensive currency tends to rise and fall with global risk appetite, which makes it a useful confirmation instrument.
EUR/JPY is the euro priced in yen, a cross with no dollar leg and a pip of 0.01 worth 1,000 yen per standard lot. It is widely watched as a risk barometer: it tends to rise when equities rally and fall when markets turn defensive, because the yen strengthens in stress. Its range sits between the majors and GBP/JPY.
EUR/JPY right now
One pip = 0.01 of price. A standard lot is 100,000 euros, so pip value = pip size × contract size × lots, converted from JPY at the live rate. Figures assume a USD account; confirm the contract size with your broker.
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Open EURJPY on the live desk (H1) → See what the desk does →Why it reads as a risk gauge
The yen tends to strengthen when investors get defensive, and the euro is a higher-beta funding alternative. Put them together and the cross moves with risk appetite closely enough that some traders use it as confirmation for equity index positions - if the index is rallying and this cross is not, one of them is lying.
What drives it
- Global equity direction and volatility.
- ECB and Bank of Japan policy expectations.
- Global bond yields, which feed the yen leg directly.
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Play free, no signup →Session behaviour
It has a genuine Tokyo session from the yen leg and a London session from the euro leg, so it is active across more of the day than most crosses. The quiet window is the American afternoon, once Europe has closed.
Sizing it
Yen cross, so a pip is 0.01 and worth 1,000 yen per standard lot - between USD/JPY and GBP/JPY in typical range. If you already hold an equity index position, be honest about whether adding this cross is a second trade or the same trade twice.
How far EUR/JPY actually moves
Measured on the OANDA feed our charting desk runs on, 2026-01-11 to 2026-09-17 (180 completed daily bars). Recalculated every week.
| Average daily range | 109.5 pips |
|---|---|
| Median day | 90.4 pips |
| Widest day in the window | 533.5 pips |
| Quietest day | 29.0 pips |
| Average as % of price | 0.594% |
| Widest weekday | Thursday (119.7 pips) |
| Busiest hour | 13:00 UTC, about 27.3 pips in that hour (quietest 20:00, 9.3) |
The median is the middle day and the average is pulled up by a handful of violent ones, so size a stop against the median and expect the average to flatter you. Full table for every instrument, with the method, on average daily range by pair.
Frequently asked questions
What is a pip worth in EUR/JPY?
1,000 yen per standard lot, roughly $6-7 depending on the rate, because it is a yen-quoted cross with a 0.01 pip.
Why do traders watch EUR/JPY?
It tends to track global risk appetite, rising with equity rallies and falling in stress, which makes it useful as confirmation.
Is EUR/JPY as volatile as GBP/JPY?
Usually less. It sits between the dollar majors and GBP/JPY in typical daily range.
When is EUR/JPY most active?
It has both a Tokyo and a London session, so it is active for more of the day than most crosses.
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