Major pair · “Gopher”
USD/JPY: volatility, trading hours and correlation
The US dollar against the Japanese yen. USD/JPY has averaged 105 pips a day over the last 90 days, with recent volatility close to its one-year norm. It tends to move most between 13:00 and 16:00 UTC.
- Last close
- 158.021 16 October 2026
- Avg daily range
- 105 pips 90 days · 0.66% of price
- 1-year change
- +5.05% USD stronger vs JPY
- 52-week range
- 149.378 – 163.989 Low to high
USD/JPY over the last 12 months
Daily closes
When USD/JPY moves most
Average high-to-low range for each hour of the day over the last year, in pips (UTC). The busiest three-hour window is highlighted. 21:00–23:00 UTC includes the daily rollover, when spreads widen and bid prices dip, so those hours are left out of it.
Want these hours in your own time zone? Open forex market hours. To compare USD/JPY with other pairs, read the most volatile hours in forex.
Average range by weekday
Pips, last 12 months. Thursday is typically busiest and Tuesday quietest.
Calendar-year performance
% change in USD/JPY each year, latest year to date
USD/JPY seasonality
Average % change by calendar month across the last 9 years. October has been the strongest month on average and November the weakest. Seasonality is a tendency, not a forecast.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Avg change | -0.45% | +0.58% | +0.57% | +1.22% | -0.16% | +1.74% | -0.95% | -0.15% | +1.42% | +1.80% | -1.08% | -0.88% |
| Years up | 33% | 44% | 33% | 67% | 44% | 78% | 33% | 44% | 78% | 67% | 33% | 44% |
USD/JPY correlation
Correlation of daily returns with other pairs. +1 means they move together, −1 means they move in opposite directions. How to use correlation.
Biggest daily moves in the last year
The five widest high-to-low days for USD/JPY.
| Date | Range | Open to close | × normal day |
|---|---|---|---|
| 30 July 2026 | 578 pips | -2.37% | 5.5× |
| 30 April 2026 | 517 pips | -2.34% | 4.9× |
| 31 July 2026 | 368 pips | -1.33% | 3.5× |
| 3 September 2026 | 367 pips | -1.83% | 3.5× |
| 23 January 2026 | 363 pips | -1.75% | 3.4× |
USD/JPY pip value
Value of a one-pip move (0.01) at the latest price.
| Account currency | Standard lot (1.00) | Mini lot (0.10) | Micro lot (0.01) |
|---|---|---|---|
 USD | 6.33 USD | 0.63 USD | 0.063 USD |
 EUR | 5.63 EUR | 0.56 EUR | 0.056 EUR |
 GBP | 4.75 GBP | 0.47 GBP | 0.047 GBP |
 JPY | 1000.00 JPY | 100.00 JPY | 10.000 JPY |
About USD/JPY
USD/JPY shows how many Japanese yens (JPY) it takes to buy one US dollar (USD). When the price rises, the US dollar is strengthening against the Japanese yen. Traders often call it “Gopher”.
USD is issued by the Federal Reserve. It tends to respond to Federal Reserve rate expectations, US jobs and inflation data, and global risk appetite, since the dollar is the world’s main reserve and funding currency.
JPY is issued by the Bank of Japan. It tends to respond to Bank of Japan policy, the gap between Japanese and US bond yields, and risk sentiment, as the yen often strengthens in risk-off markets.
With an average range of about 105 pips a day, a stop loss of 32–63 pips is roughly a third to two-thirds of a normal day for USD/JPY. Always size your position from the stop distance with the lot size calculator.
USD/JPY FAQ
What is the average daily range of USD/JPY?
Over the last 90 days USD/JPY moved an average of 105 pips from high to low each day, about 0.66% of its price. Over the past year the average was 105 pips, and over the last 20 trading days it was 97 pips.
What is the best time to trade USD/JPY?
In the past year USD/JPY was most active between 13:00 and 16:00 UTC, and the London session produced the largest average range (71 pips). The quietest hour was 21:00 UTC. Thursday was its busiest weekday on average.
What is USD/JPY most correlated with?
Based on daily returns over the last year, USD/JPY moved most closely with CAD/JPY (correlation 0.83) and most inversely with EUR/USD (-0.57).
How much is one pip worth on USD/JPY?
One pip on USD/JPY is 0.01 of the price. For one standard lot (100,000 USD) that is 1,000 JPY, or about $6.33 at the latest price. A mini lot is a tenth of that and a micro lot a hundredth.
Statistics are calculated by ForexSignals.io from Dukascopy hourly bid prices up to the 16 October 2026 close. Trading days run from 17:00 to 17:00 New York time, the same daily candles most MT4 and MT5 brokers show. Hourly figures cover the last 12 months, seasonality the last 9 full years. Data may contain errors and is not a trading recommendation.
Official Telegram channel
Trade ideas, with the reasoning attached.
Our signals go out on Telegram first: entry, stop loss, take profit and the context behind each one. Free to join, leave any time.