Yen Crosses
FundamentalsYen crosses quote the Japanese yen against non-dollar currencies, use 0.01 pips and often move more widely than the major pairs.
Yen crosses are currency pairs that quote the Japanese yen against a currency other than the US dollar, such as EUR/JPY, GBP/JPY or AUD/JPY. Because the yen is always the quote currency in these pairs, prices are shown to two decimal places and one pip is 0.01 rather than 0.0001.
Yen crosses have two personalities at once: they reflect the outlook for the non-yen currency and, at the same time, global risk appetite, because the yen has historically been treated as a funding and defensive currency. That combination tends to make them wider-ranging than the majors, and a pair such as GBP/JPY has long been nicknamed "the dragon" for its volatility. Most are priced synthetically from two dollar legs.