USD/JPY: US dollar against the Japanese yen
A practical guide to USD/JPY: how the price is quoted, when it is most active, what drives it and how to size trades on it.
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USD/JPY prices one US dollar in Japanese yen. It is the most traded pair in the Asian session and one of the most sensitive to the gap between US and Japanese interest rates and bond yields. The yen also acts as a safe haven, so the pair can drop sharply in global stress.
How the quote works
A quote of 158.00 means one dollar buys 158 yen. Because the yen is quoted to two or three decimals, one pip is 0.01, worth 1,000 yen on a standard lot of 100,000 dollars. New to quotes? Read how to read a forex quote and the glossary entries for pip and lot.
When it trades
USD/JPY is active from the Tokyo open, quieter around the Tokyo lunch break, and busy again in London and New York. Bank of Japan decisions usually come during the Tokyo morning or around midday, while US data and FOMC decisions arrive in the New York session, so the pair can have several active windows in one day.
See the live market sessions clock to check which centres are open in your time zone.
What moves USD/JPY
- US and Japanese yields. The difference between US Treasury yields and Japanese government bond yields is a central driver. Rising US yields have tended to support the pair.
- Bank of Japan policy. Each step in Bank of Japan normalisation, and any hint about the pace of future hikes, can move the yen sharply.
- Intervention risk. Japan's Ministry of Finance can sell dollars to support the yen. In 2026 a joint intervention in August took the pair from about 164 to about 155, and traders watch verbal warnings around the 160 area.
- Risk sentiment. In risk-off moves investors often unwind carry trades funded in yen, which pushes USD/JPY lower.
- Energy prices. Japan imports almost all its energy, so oil spikes can weigh on the yen through the trade balance.
Key events and central banks
The central banks that matter most for USD/JPY: Federal Reserve, Bank of Japan. Current policy rates, sourced from each bank, are on our central banks page. These scheduled releases often move the market:
See all economic events explained.
Volatility explained
USD/JPY can trend steadily for long periods and then reverse quickly when intervention, a Bank of Japan surprise or a risk-off move hits. Moves on intervention days can be very large and fast, with gaps in liquidity. Stops should reflect current conditions; measure volatility with the ATR on your chart.
Forexuro does not publish a fixed "average daily range" for USD/JPY here, because any such number goes out of date quickly and depends on the period chosen. Measure it on your own platform over the window you trade.
Pip value and position size
Use the USD/JPY pip value calculator to see what one pip is worth in your account currency, then the position size calculator to turn your risk and stop into lots. Keeping risk per trade small, often 1% or less, is the main protection against a run of losses; see risk management for traders.
Forexuro USD/JPY signals
Forexuro publishes forex signals with an entry, stop loss and take profit levels. See the USD/JPY signals page for how they work on this market. Every closed Forexuro trade is published on the trade history page. Daily market notes, including USD/JPY when it is in focus, go out free on the Forexuro Telegram channel.
USD/JPY in the Forexuro record
No USD/JPY signals closed in the current results window (August 2026 to 23 October 2026). Across all markets in the same window the success rate is 87.7% from 240 closed signals, the figure on the results board.
Success rate is take profit closes divided by take profit plus stop loss closes, for signals closed from August 2026 to 23 October 2026, the same rolling window and method as the results board. Breakeven exits are not counted as losses and are listed separately. Pips are measured to the highest target reached and exclude spread, swap and slippage. Every signal since November 2023 is in the trade history and the CSV record; see how results are scored. Past results do not guarantee future results.
This week's outlook
Read the USD/JPY weekly outlook for the week of 26 October 2026, a sourced analysis of the events and levels in focus, or browse all weekly forecasts.
Practical tips
- Remember that the pip is 0.01 on yen pairs when you set stops and size trades.
- Keep an eye on official comments from Japan's Ministry of Finance near round numbers.
- Check Bank of Japan meeting dates; they can fall in the Asian night for UK traders.
Related reading
- Yen rallies as oil and gold swing
- Interest rates and currencies
- Central bank decisions and forex
- Major pairs guide
Other markets: EUR/USD · GBP/USD · USD/CHF · AUD/USD · USD/CAD · NZD/USD · EUR/GBP · XAU/USD
Frequently asked questions
Why is the pip 0.01 on USD/JPY?
The yen has a low unit value, so JPY pairs are quoted to two (or three) decimals and the pip is the second decimal.
What is yen intervention?
When Japan's authorities buy yen and sell dollars to slow its fall, which can move USD/JPY several big figures in hours.
Why does the yen rise in a crisis?
Japan is a large creditor nation and the yen is used to fund carry trades, so stress often triggers yen buying.
Which data move USD/JPY?
US inflation and jobs data, FOMC and Bank of Japan decisions, and US Treasury yields.
Education only, not financial advice. Trading forex, gold and CFDs carries a high risk of losing money, and leverage magnifies both gains and losses. Past performance is not a reliable guide to future results. Read our risk disclosure.