EUR/JPY and GBP/JPY are yen crosses: the price of one euro or one pound in Japanese yen, with no US dollar in the quote. Each is built from two dollar pairs multiplied together, so it carries two sources of movement at once. That, plus the yen’s role as a funding currency, is why yen crosses move further in a day than most major pairs.
Key takeaways
- EUR/JPY is approximately EUR/USD multiplied by USD/JPY. GBP/JPY is GBP/USD multiplied by USD/JPY.
- When both legs move the same way the cross moves a long way; when they offset, it can stand still.
- Yen crosses tend to rise when markets are confident and fall hard when they are not.
- One pip is 0.01 and is worth 1,000 yen on a standard lot, the same as USD/JPY.
- A lot of GBP/JPY is a larger position in dollar terms than a lot of USD/JPY, and the daily range is wider.
| What the quotes mean | Yen needed to buy one euro, or one pound |
|---|---|
| Type | Cross pairs: no US dollar |
| How they are derived | EUR/USD × USD/JPY, and GBP/USD × USD/JPY |
| Pip | 0.01, the second decimal place |
| Pip value, 1.00 lot | 1,000 yen (about $6.67 when USD/JPY is 150.00) |
| Contract size, 1.00 lot | 100,000 EUR or 100,000 GBP |
| Most active windows | Tokyo morning and the London open, 07:00–10:00 UTC |
| Central banks to watch | Bank of Japan, plus the ECB or the Bank of England |
| At Marketsall | Not currently offered; available pairs are listed on the Currencies page |
What is a yen cross and how is it calculated?
With EUR/USD at 1.1000 and USD/JPY at 150.00 (illustrative prices), EUR/JPY is 1.1000 × 150.00 = 165.00. With GBP/USD at 1.3000, GBP/JPY is 195.00. The pip sits at the second decimal, as in USD/JPY. Cross pairs in general are introduced in major, minor and exotic pairs.
| Dollar pair (EUR/USD or GBP/USD) | USD/JPY | Effect on the yen cross |
|---|---|---|
| Rising | Rising | Rises strongly: both legs add |
| Rising | Falling | Offsetting: small net move |
| Falling | Rising | Offsetting: small net move |
| Falling | Falling | Falls strongly: both legs add |
The “both legs add” rows are more common than you might expect. In calm, confident markets the yen tends to weaken against everything while European currencies hold up, and in a scare the reverse happens. That shared risk component is the source of the long trends and the sudden reversals.
What moves EUR/JPY and GBP/JPY?
| Driver | How it tends to work | What to watch |
|---|---|---|
| Risk appetite | Low Japanese rates make the yen a common funding currency. Confidence weakens it; fear strengthens it as those trades are closed. | Equity indices, volatility, the carry trade |
| Bank of Japan policy | Any step towards higher Japanese rates narrows the gap with Europe and the UK and tends to pull the crosses lower. | Bank of Japan decisions, Japanese yields |
| ECB or Bank of England policy | The other side of the rate gap. | ECB and Bank of England rate decisions |
| US data and yields | There is no dollar in the quote, but US news moves both legs and so moves the cross. | US CPI, Non-Farm Payrolls, Treasury yields |
| Intervention | Japanese yen buying hits every yen pair at once. | currency intervention |
On 5 August 2024, when the Nikkei fell 12.4% in a single day and yen-funded positions were unwound across markets, yen crosses fell by several per cent within hours. Moves of that size are rare, but they arrive without a scheduled trigger.
When are yen crosses most active?
| Event | Local time | UTC | Frequency |
|---|---|---|---|
| Tokyo fixing | 09:55 Tokyo | 00:55 | Every trading day |
| Bank of Japan decision | No fixed time | Roughly 02:30–04:00 | Eight times a year |
| Bank of England decision | 12:00 UK time | 11:00 summer / 12:00 winter | Eight times a year |
| ECB decision | 14:15 CET | 12:15 summer / 13:15 winter | Eight times a year |
| US CPI and Non-Farm Payrolls | 08:30 ET | 12:30 summer / 13:30 winter | Monthly |
See global market trading hours and the economic calendar.
Pip value and position size in yen crosses
| Measure | USD/JPY | EUR/JPY | GBP/JPY |
|---|---|---|---|
| Price used | 150.00 | 165.00 | 195.00 |
| Position value in dollars | $10,000 | $11,000 | $13,000 |
| Margin at 1:200 | $50 | $55 | $65 |
| Value of 1 pip | ¥100 (about $0.67) | ¥100 (about $0.67) | ¥100 (about $0.67) |
| Typical daily range | Moderate | Wider | Widest of the three |
| Read more | USD/JPY guide | This guide | This guide |
The pip is worth the same in all three, but the ranges are not. A 150-pip day in GBP/JPY is unremarkable; on 0.10 lots that is ¥15,000, about $100, against $65 of margin at 1:200 leverage. Traders who move from majors to yen crosses without reducing size are taking a much larger risk than they think. Start with position sizing.
What it costs to trade EUR/JPY and GBP/JPY as a CFD
As a CFD, EUR/JPY and GBP/JPY are traded without delivery of currency: the account is credited or debited with the price difference. See what a CFD is and spot FX vs CFDs.
| Cost | When it applies | Note for EUR/JPY and GBP/JPY |
|---|---|---|
| Spread | Every trade, at entry | Wider than USD/JPY, EUR/USD or GBP/USD, because the cross carries the cost of both legs |
| Commission | Varies by provider; Marketsall does not charge commission on the currency pairs it offers | Cost is built into the spread |
| Swap | Positions held past the daily rollover | Driven by the gap between Japanese rates and euro or sterling rates, so it can be a sizeable credit one way and a debit the other. Check current values; they change with central bank decisions. See triple swap Wednesday. |
| Slippage | Fast markets, gaps, news | High in risk-off episodes, intervention and around any of three central banks |
Key risks
Volatility. Ranges are wide enough that a position sized for EUR/USD is oversized here.
Carry unwinds. Falls tend to be faster than rises, because leveraged positions are closed together.
Three-sided event risk. Japanese, European or UK, and US news can all move the pair.
Overlapping exposure. Long EUR/JPY with long USD/JPY doubles the short-yen view. See correlated positions.
Risk warning. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, the products offered on this website may not be suitable for all investors because of the risk of losing all of your invested capital. You should never invest money that you cannot afford to lose, and never trade with borrowed money.
Are EUR/JPY and GBP/JPY available at Marketsall?
EUR/JPY and GBP/JPY are not currently offered at Marketsall. The currency pairs available on MetaTrader 5 and Web Trader are listed, with live prices, on the Currencies page.
Frequently asked questions
What is a yen cross?
A yen cross is a currency pair that includes the Japanese yen but not the US dollar, such as EUR/JPY, GBP/JPY or AUD/JPY. Its price is derived by multiplying the relevant dollar pair by USD/JPY.
How is EUR/JPY calculated?
Multiply EUR/USD by USD/JPY. If EUR/USD is 1.1000 and USD/JPY is 150.00, EUR/JPY is 165.00, meaning one euro costs 165 yen. GBP/JPY is calculated the same way from GBP/USD.
Why is GBP/JPY so volatile?
GBP/JPY combines two pairs that already move a lot, GBP/USD and USD/JPY, and their moves often add together because both respond to risk appetite. The yen’s role as a funding currency means positions are closed quickly when markets fall, which makes declines especially sharp.
How much is one pip worth in EUR/JPY and GBP/JPY?
One pip is 0.01. On a standard lot a pip is worth 1,000 yen in both pairs, the same as in USD/JPY. In dollars that is 1,000 divided by the USD/JPY rate: about $6.67 when USD/JPY is 150.00.
Does US data affect yen crosses?
Yes. There is no dollar in the quote, but US data moves both EUR/USD or GBP/USD and USD/JPY, and the cross is the product of the two. If the legs move in opposite directions the effects can cancel; if they move the same way the cross moves sharply.
Related reading
Read the risk mood behind both legs
Yen crosses lean heavily on shared confidence or fear, so a quick sentiment check belongs in your preparation before each session; how to read market sentiment shows where traders look for those signals.
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