EUR/JPY: Daily Range, Character and Trading Hours
EUR/JPY moves a median of 100 pips per day. Half of all days fall between 66 and 152 pips, and the widest day in our sample reached 476. Every figure below comes from 518 daily bars covering 2024-07-29 to 2026-07-30.
EUR/JPY character: how the pair behaves
A cross with no dollar in it directly, but built from two dollar pairs underneath. It combines European monetary policy with the yen's risk sensitivity, which produces a wider range than either EUR/USD or USD/JPY alone.
Measured daily range
- Median daily range: 100 pips
- Typical band (middle 80% of days): 66–152 pips
- Widest single day in sample: 476 pips
- Median close-to-close change: 45 pips; the largest 20% of days exceed 97
- Range of the pair over the whole period: 155.93–187.56, a span of 3163 pips
The gap between the median range and the widest day is the number worth remembering. A stop sized for a typical day is not a stop sized for the tail, and the tail is where accounts are damaged.
When it trades
Active from the Asian session through European hours — a long window driven by different factors at different times.
Who it suits
Best understood by decomposing it: check EUR/USD and USD/JPY separately to see which side is actually moving.
Sizing a position on EUR/JPY
The cross moves further than either of its legs, so size it against its own measured range rather than against EUR/USD habits. And remember the yen pip convention when converting the stop into money.
Data: 518 daily bars, 1 incomplete bars excluded. The sample is available for download and the method is described in how we run backtests. What actually moves this pair is covered separately in what drives EUR/JPY.
This material is educational and is not individual investment advice. Trading forex carries the risk of losing capital.
Frequently asked questions
Why does EUR/JPY move more than EUR/USD?
Because it combines European policy sensitivity with the yen's risk sensitivity. When both underlying dollar pairs move compatibly, their amplitudes add.
How should I analyse a cross like EUR/JPY?
Decompose it: look at EUR/USD and USD/JPY separately. One of them usually explains the move and tells you whether the driver is European or Japanese.
When is EUR/JPY most active?
From the Asian session through European hours — a long window, but driven by different factors at different times of day.
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