USD/JPY at a glance
- Pip size
- 0.01The second decimal place
- Contract, one standard lot
- 100,000 US dollars1.00 lot; 0.01 lot is a hundredth of it
- Pip value, one standard lot
- $6.361,000 yen a pip, at the sample's last close of 157.281 on 25 September
- Highest price in the sample
- 164.720Tue 28 July 2026, 11:45 UK
- Lowest price in the sample
- 152.890Tue 8 September 2026, 03:24 UK
- Change over the sample
- Down 2.22%First to last price, 26 March to 25 September 2026
- Median daily range
- 74.3 pips0.46% of the previous close
- Average daily range
- 99.0 pips0.62% of the previous close
- Full trading days
- 13117:00 to 17:00 New York, Monday to Friday
How far USD/JPY moves in a day
The median day moved 74.3 pips: half of the 131 full days had a smaller range and half a larger one. The quietest 10% of days moved 39.3 pips or less and the busiest 10% moved 186.1 pips or more. The average, pulled up by the largest days, was 99.0 pips.
By weekday, the median range was largest on Thursdays (99.6 pips) and smallest on Wednesdays (67.5 pips), from 26 Mondays to Thursdays and 27 Fridays.
| Daily range | Pips | % of previous close |
|---|---|---|
| Median day | 74.3 | 0.46% |
| Average day | 99.0 | 0.62% |
| Quietest 10% of days, up to | 39.3 | 0.24% |
| Busiest 10% of days, from | 186.1 | 1.18% |
| Smallest day | 27.7 | 0.17% |
| Largest day | 577.1 | 3.52% |
The five largest days
| Trading day | Pips |
|---|---|
| Thu 30 July | 577.1 |
| Thu 30 April | 518.9 |
| Thu 3 September | 366.6 |
| Fri 31 July | 363.1 |
| Wed 6 May | 291.0 |
By month, in pips
| Month | Full days | Median | Average |
|---|---|---|---|
| April | 22 | 69.7 | 101.3 |
| May | 21 | 58.1 | 83.1 |
| June | 22 | 48.2 | 57.7 |
| July | 23 | 67.1 | 106.9 |
| August | 21 | 78.3 | 96.0 |
| September (to the 25th) | 19 | 138.2 | 153.2 |
March is left out: the sample holds three full days of it.
USD/JPY hour by hour, in UK time
By median range, the three busiest hours were 15:00 (18.6 pips), 13:00 (18.5) and 14:00 (16.5), and the quietest 23:00 (8.0), 21:00 (9.0) and 00:00 (9.3). Each figure is the median range of one clock hour in UK time, from 99 to 132 weekdays depending on the hour, counting only hours with at least 50 one-minute prices.
The 22:00 UK hour holds the 17:00 New York rollover. In the ten minutes from 22:00, USD/JPY's average range was 6.7 pips, against 8.8 pips for the other fifty minutes of the hour (averages over 94 and 104 weekdays). We leave 22:00 out of the busiest and quietest hours for every pair.
USD/JPY by trading session
Sessions here are local business hours, Monday to Friday in each city. By median range, USD/JPY moved most in the London session (51.6 pips) and least in Sydney (38.3 pips). Each session is nine hours long and they overlap, so one move can count in two of them; the London and New York overlap is four hours.
| Session | UK hours (BST) | Median range, pips |
|---|---|---|
| Sydney07:00 to 16:00 local | 22:00 to 07:00 | 38.3131 days |
| Tokyo09:00 to 18:00 local | 01:00 to 10:00 | 44.0131 days |
| London08:00 to 17:00 local | 08:00 to 17:00 | 51.6132 days |
| New York08:00 to 17:00 local | 13:00 to 22:00 | 46.8132 days |
| OverlapLondon and New York both open | 13:00 to 17:00 | 34.9132 days |
Where the day's high and low were set
We split each trading day into four UK blocks and counted where its high and its low were set. Out of 131 full days, both the high and the low came most often in 22:00 to 08:00 UK (46 and 69 days). The first block, 22:00 to 08:00, is the longest at ten hours, all of them trading hours; the others are five, four and five hours.
| Block, UK hours | Day's high set | Day's low set |
|---|---|---|
| 22:00 to 08:00Sydney and Tokyo hours | 46 of 131 | 69 of 131 |
| 08:00 to 13:00London morning | 18 of 131 | 24 of 131 |
| 13:00 to 17:00London and New York together | 22 of 131 | 27 of 131 |
| 17:00 to 22:00New York afternoon | 45 of 131 | 11 of 131 |
USD/JPY on NFP, CPI and Fed days
In the 15 minutes after the six US jobs reports (NFP) in the sample, USD/JPY's median range was 53.2 pips, against 8.1 pips in the same 08:30 New York window on 115 other days. After the six CPI releases it was 39.9 pips, and after the four Fed statements 33.8 pips, against 5.2 pips at 14:00 New York on other days.
Each of these figures rests on four to six releases, which is a small sample, so the table below lists every one. 08:30 New York was 13:30 UK and 14:00 was 19:00 UK on every release day here. What each release said is not part of this data.
Every release in the sample
| Date | Release | 15 min | 60 min |
|---|---|---|---|
| Fri 3 Apr13:30 UK | Jobs report (NFP) for March | 28.5 | 29.5 |
| Fri 8 May13:30 UK | Jobs report (NFP) for April | 30.2 | 37.0 |
| Fri 5 Jun13:30 UK | Jobs report (NFP) for May | 15.6 | 55.4 |
| Thu 2 Jul13:30 UK | Jobs report (NFP) for June | 91.5 | 91.5 |
| Fri 7 Aug13:30 UK | Jobs report (NFP) for July | 165.1 | 165.1 |
| Fri 4 Sep13:30 UK | Jobs report (NFP) for August | 76.2 | 139.2 |
| Fri 10 Apr13:30 UK | CPI for March | 26.3 | 33.4 |
| Tue 12 May13:30 UK | CPI for April | 10.3 | 16.2 |
| Wed 10 Jun13:30 UK | CPI for May | 14.9 | 14.9 |
| Tue 14 Jul13:30 UK | CPI for June | 54.3 | 54.3 |
| Wed 12 Aug13:30 UK | CPI for July | 53.4 | 53.4 |
| Fri 11 Sep13:30 UK | CPI for August | 85.1 | 124.4 |
| Wed 29 Apr19:00 UK | Fed statement, 28 and 29 April meeting | 24.7 | 26.6 |
| Wed 17 Jun19:00 UK | Fed statement, 16 and 17 June meeting | 28.8 | 31.4 |
| Wed 29 Jul19:00 UK | Fed statement, 28 and 29 July meeting | 38.8 | 49.5 |
| Wed 16 Sep19:00 UK | Fed statement, 15 and 16 September meeting | 61.8 | 110.4 |
Range in pips in the first 15 and 60 minutes from the release minute.
The overnight range, London and the previous day
We split each trading day at 08:00 UK: the overnight range runs from the start of the day (22:00 UK) to 08:00, and London from 08:00 to 17:00. Over 131 days, London went above the overnight high without breaking the overnight low on 58, broke only the low on 41, broke both on 17 and stayed inside the overnight range on 15. By noon UK, 47 days had broken only the high, 36 only the low, 5 both and 43 neither. The median overnight range was 43.2 pips and the median London range 51.8 pips.
Against the previous day, over 130 days that followed a full day, USD/JPY traded above the previous high but not below the previous low on 62, below the previous low only on 28, through both on 16 and stayed inside the previous day's range on 24.
How USD/JPY moved with other markets
This is the correlation of daily changes, close to close: 129 changes, from the 130 days present in all eight markets from 26 March to 25 September 2026. USD/JPY's strongest positive figure was with USD/CHF (+0.51) and its strongest negative figure with GBP/USD (-0.42).
| Market | Correlation with USD/JPY |
|---|---|
| USD/CHF | +0.51 |
| USD/CAD | +0.41 |
| AUD/USD | -0.26 |
| XAG/USD | -0.31 |
| XAU/USD | -0.38 |
| EUR/USD | -0.39 |
| GBP/USD | -0.42 |
A figure close to +1 means the two markets' daily changes moved together in this sample: a buy on each was close to one larger position, because a losing day on one tended to be a losing day on the other. A figure close to -1 means they moved in opposite directions, so a buy on one and a sell on the other doubles up in the same way. Figures near zero mean the daily moves were mostly unrelated. If you hold two signals at once on markets with a strong figure either way, size them as one trade. Correlations change over time, and six months is one sample.
Our signals on USD/JPY
The results page counts USD/JPY signals in its totals but does not list the pair on its own, so this page does not either. Every closed signal, this pair included, is on the results page.
Tools for USD/JPY
- Pip value calculatorUSD/JPY preselected, in your account currency
- Lot size calculatorUSD/JPY preselected
- Profit calculatorMoney at the stop and each target on USD/JPY
- Margin calculatorThe margin a USD/JPY position needs
- Risk reward calculatorReward against risk for any signal
- Forex market hoursWhich sessions are open now, in your time
Related reading
- How much is a pip worth on EUR/USD?Pip values for every major, including the pairs with the dollar first.
- What is 0.01 lot worth in forex and gold?What a micro lot is worth per pip, and when it is too big.
- Average daily range of the major pairs and gold in 2026Each market's daily range, side by side.
- When each major pair moves, hour by hour (UK time)The busiest and quietest UK hours for each pair.
- Forex correlation table: gold and the major pairs in 2026Which markets moved together, and how closely.
- Forex market hours in UK time, and the week the clocks changeThe sessions and fixed times in UK time, and the clock change weeks.
How we measured
We measured every full trading day, 17:00 to 17:00 New York, from one-minute prices, using UK clock hours and medians for typical figures. Every range is the high minus the low, leaving out the first bar after any pause of more than five minutes, whose stitched open carries the price from before the pause.
One-minute prices: GetData free sample, MIT licence, 26 March to 25 September 2026. The full method and its limits.
Every closed signal is on the record
The results page lists each closed VIP signal with its entry, stop, targets and outcome, stops included.
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