GBP/JPY has a pound base and a yen quote, and that second half decides the lot size. A pip is worth ¥1,000 per standard lot, so on a dollar account its value depends on USD/JPY, a rate that is not on your GBP/JPY chart. This calculator converts the ¥1,000 pip into your account currency with the latest ECB reference rate. The worked examples below assume USD/JPY at 150.00, which gives $6.67 per pip per lot, and show how to redo the arithmetic when the rate is different.
GBP/JPY contract facts
| Item | Value |
|---|---|
| Standard lot | 100,000 GBP |
| Mini / micro lot | 10,000 / 1,000 GBP |
| Pip | 0.01 (2nd decimal; the 3rd decimal is a pipette, the MT5 "point") |
| Quote currency | JPY |
| Pip value, 1 lot | ¥1,000 |
| Pip value in USD | 1,000 ÷ USD/JPY rate |
| Pip value at USD/JPY 140 / 150 / 160 | $7.14 / $6.67 / $6.25 |
| Pip value in GBP | 1,000 ÷ GBP/JPY rate |
If the lot units themselves are unfamiliar, how much a lot is in forex covers standard, mini and micro lots and what each one means in money.
Computing the pip value yourself
A pip on any pair is a fixed amount of the quote currency. On GBP/JPY that is ¥1,000 per lot, and it only has to be converted into the currency your account is held in:
Pip value per lot (USD) = 1,000 ÷ USD/JPY rate
Pip value per lot (GBP) = 1,000 ÷ GBP/JPY rate
Pip value per lot (JPY) = 1,000At an assumed USD/JPY of 150.00 the pip is worth 1,000 ÷ 150 = $6.67. On a pound account, at an assumed GBP/JPY of 195.00, it is 1,000 ÷ 195 = £5.13. These rates are assumptions for the examples, not quotes. The calculator on this page uses the day's ECB reference rate, shows its date under the result, and asks you to enter a rate if it cannot load one. The pip value calculator gives the value per pip, per point and per 1.00 move for any lot size.
The lot size formula for GBP/JPY
Lot size = (Account balance × Risk %) ÷ (Stop loss in pips × Pip value per lot)The cleanest way to do it by hand is to work out the loss per lot in yen first and convert once. The complete lot size guide walks through the same formula on other symbols. Lot sizes here are rounded down to 0.01, as the calculator does, so the loss at the stop never exceeds the risk you chose.
Example 1 — $10,000 account, 1% risk, 40-pip stop, USD/JPY 150.00 (assumed):
- Risk amount: $100
- Loss per lot: 40 × ¥1,000 = ¥40,000 = $266.67
- Lot size: $100 ÷ $266.67 = 0.375, rounded down to 0.37 lots
Example 2 — $5,000 account, 1% risk, 60-pip stop, USD/JPY 140.00 (assumed):
- Risk amount: $50
- Loss per lot: ¥60,000 ÷ 140 = $428.57
- Lot size: 0.11 lots
Example 3 — $100,000 prop-firm account, 0.5% risk, 50-pip stop, USD/JPY 150.00 (assumed):
- Risk amount: $500
- Loss per lot: ¥50,000 = $333.33
- Lot size: 1.50 lots
On a funded account the risk per trade also has to fit the firm's daily loss limit; prop firm daily drawdown explains how that limit is measured, and the prop firm rules page lists the limits by firm.
Example 4 — £10,000 account, 1% risk, 40-pip stop, GBP/JPY 195.00 (assumed):
- Risk amount: £100
- Loss per lot: ¥40,000 ÷ 195 = £205.13
- Lot size: 0.48 lots
Quick reference: GBP/JPY lot size at 1% risk (USD/JPY 150.00 assumed)
| Account | 20-pip stop | 40-pip stop | 60-pip stop | 100-pip stop |
|---|---|---|---|---|
| $1,000 | 0.07 | 0.03 | 0.02 | 0.01 |
| $5,000 | 0.37 | 0.18 | 0.12 | 0.07 |
| $10,000 | 0.75 | 0.37 | 0.25 | 0.15 |
| $50,000 | 3.75 | 1.87 | 1.25 | 0.75 |
| $100,000 | 7.50 | 3.75 | 2.50 | 1.50 |
For 0.5% risk, roughly halve each figure; for 2%, roughly double it. At USD/JPY 140 every figure is about 7% smaller, at 160 about 7% larger.
What makes GBP/JPY different
- Three rates are involved. The trade moves on GBP/JPY, but its dollar risk moves with USD/JPY. The two are linked by GBP/JPY = GBP/USD × USD/JPY, which is also why the pair reacts to news on all three currencies.
- The pip is at the second decimal. 195.00 to 195.40 is 40 pips. A three-decimal quote shows 195.400, and MT5 counts that move as 400 points.
- Two central banks. Bank of England and Bank of Japan decisions both move the pair directly, and US data reaches it through USD/JPY.
- Yen intervention hits every yen cross. Japanese authorities have intervened in the yen market before. When they do, GBP/JPY gaps together with USD/JPY and EUR/JPY, and stops can fill well past their level.
- It is one of the more volatile crosses. Stops copied from EUR/USD tend to sit inside ordinary noise. Size from the stop the chart needs, not from a habit.
- Swap depends on the rate gap. The overnight swap on a long or short position comes from the difference between UK and Japanese rates and your broker's markup. Check it in the symbol specification before holding for days.
Common GBP/JPY sizing mistakes
- Dividing by GBP/JPY on a dollar account. 1,000 ÷ 195 = 5.13 looks like a pip value, but it is pounds. Using it as dollars makes the position about 30% too large at the assumed rates.
- Using $10 per pip. At USD/JPY 150 that overstates the loss by half, so you trade about a third less than your risk allows, or overcorrect by feel.
- Counting pips at the third decimal. A 0.005 move is half a pip, not 5 pips.
- Doubling yen exposure without noticing. A long GBP/JPY and a long USD/JPY are both short yen. If the yen strengthens, both lose at once.
- Fixed lot sizes. The same 0.50 lots means a different dollar risk when USD/JPY moves. Recompute when the rate changes.
Track your GBP/JPY trades in Fips
The calculator on this page is free and needs no account. Fips, the trading journal it belongs to, is in private beta with access by waitlist. In the trading journal, MT4 and MT5 accounts sync through the read-only investor password and cTrader through view-only access; other platforms come in by CSV import or manual entry, and Fips never asks for your login password. Logging each GBP/JPY trade with its planned risk next to its actual loss shows whether slippage around BoE and BoJ events makes your real losses larger than you sized for.
Frequently asked questions
How much is 1 pip on GBP/JPY?
¥1,000 per standard lot. In dollars it is 1,000 divided by USD/JPY: about $6.67 at 150, $7.14 at 140 and $6.25 at 160.
Why does the GBP/JPY pip value depend on USD/JPY?
Because a pip is paid in the quote currency, yen, and has to be converted into the account currency. On a dollar account that conversion uses USD/JPY; GBP/JPY is only the right rate for a pound account.
What lot size should I use on a $10,000 GBP/JPY account?
At 1% risk and a 40-pip stop with USD/JPY at 150, 0.37 lots. With a 60-pip stop, 0.25 lots.
Does the calculator on this page use a live rate?
It uses the latest daily ECB reference rate, shown with its date under the result. That is a reference rate, not a live quote; if it cannot be loaded, the calculator asks you to enter the rate yourself.