EUR/JPY
FOREX CrossEuro vs Japanese Yen - Live price, chart, news and analysis. A popular cross pair for carry trades.
Performance
2026-07-20 12:00 UTCEUR/JPY Chart
A descriptive read of EUR/JPY across timeframes — trend, momentum and key levels. Educational market analysis, not a buy or sell recommendation. How to read charts →
Economic Calendar
Next 7 days · medium & high impact for EUR, JPY
| Date / Time (UTC) | Currency | Impact | Event | Forecast | Previous |
|---|---|---|---|---|---|
2026-07-23 12:15 UTC | πͺπΊ EUR | Main Refinancing Rate Euro Area | 2.40% | 2.40% | |
2026-07-23 12:15 UTC | πͺπΊ EUR | Monetary Policy Statement Euro Area | - | - | |
2026-07-23 12:45 UTC | πͺπΊ EUR | ECB Press Conference Euro Area | - | - | |
2026-07-24 07:15 UTC | πͺπΊ EUR | French Flash Manufacturing PMI Euro Area | 51.2 | 50.7 | |
2026-07-24 07:15 UTC | πͺπΊ EUR | French Flash Services PMI Euro Area | 47.7 | 47.4 | |
2026-07-24 07:30 UTC | πͺπΊ EUR | German Flash Manufacturing PMI Euro Area | 50.5 | 50.0 | |
2026-07-24 07:30 UTC | πͺπΊ EUR | German Flash Services PMI Euro Area | 49.0 | 46.8 |
Contract Specifications
About EUR/JPY
About EUR/JPY
EUR/JPY is one of the most actively traded cross currency pairs in the forex market, representing the exchange rate between the Euro and the Japanese Yen. This pair combines the currency of the world’s second-largest economic bloc (the Eurozone) with that of the third-largest single economy (Japan). EUR/JPY is renowned for its wide daily trading ranges, often moving 100-150 pips per day, making it a favorite among day traders and swing traders seeking volatility. The pair has historically been one of the most popular instruments for carry trades, where traders borrow in low-yielding yen to invest in higher-yielding euro-denominated assets, profiting from the interest rate differential.
What Moves EUR/JPY?
ECB vs BoJ Policy Divergence
The interest rate differential between the European Central Bank and the Bank of Japan is the fundamental driver of EUR/JPY direction. When the ECB is tightening while the BoJ maintains loose policy, EUR/JPY tends to rise as the yield spread widens. Any shift in either central bank’s stance can trigger large moves, particularly given the historically wide policy divergence between these two institutions.
Global Risk Sentiment
EUR/JPY is one of the most risk-sensitive pairs in forex. During risk-on periods, the pair tends to rise as carry trades are initiated and capital flows away from the safe-haven yen. In risk-off environments, EUR/JPY can fall sharply as carry trades unwind and investors seek refuge in JPY. Global equity indices, credit spreads, and volatility measures like the VIX are useful leading indicators.
European Economic Data
Eurozone GDP, inflation data (HICP), PMI surveys, and German economic indicators particularly the IFO and ZEW surveys directly impact the EUR side of the pair. Weak European data can weigh on EUR/JPY even during otherwise risk-on environments.
Japanese Intervention Risk
When JPY weakens excessively, the Japanese authorities may intervene or issue verbal warnings to slow the depreciation. These interventions can cause sudden reversals in EUR/JPY, and traders must remain alert to commentary from Japanese finance officials.
Trading EUR/JPY
EUR/JPY offers typical spreads of 1.0 to 2.5 pips with deep liquidity during European and Asian trading hours. The pair is most active during the Tokyo session (00:00-09:00 UTC) and the London session (07:00-16:00 UTC). EUR/JPY effectively combines the moves of EUR/USD and USD/JPY, which can create amplified price action when both pairs move in a reinforcing direction. Pip values are approximately $6.67 per standard lot. The pair’s high volatility makes it suitable for breakout strategies but demands disciplined risk management with wider stop losses than lower-volatility pairs.