The euro Japanese yen (EUR JPY) is a currency pairing whereby the euro and the yen can be traded against each other. The EUR JPY can be thought of as the euro versus the yen - you short the euro and go long the yen or go long the euro and short the yen. The EUR JPY is one of the most popular currency pairs for forex trading. Part of the reason for the popularity of the EUR JPY is that strong short-term trends develop between these currencies.
EUR JPY is also written as EUR/JPY.
The EUR JPY attracts the interest of forex traders because the two economies move more or less independently. The European Union is its own largest trading partner and Japan is heavily geared towards China and the United States. These storylines allow for traders to create a trading thesis around the EUR JPY that can result in strong trends. The EUR JPY is also notable for the fact that the euro is subject to less central bank interference than the yen - the Bank of Japan actively watches, worries and intervenes in the trading of the yen.
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