XAUJPY is the price of one troy ounce of gold in Japanese yen, derived from XAUUSD multiplied by USDJPY, with quotes running into the hundreds of thousands of yen per ounce.
Both legs are treated as safe havens, so the pair is not a simple gold proxy: when the yen strengthens more than gold rallies, XAUJPY can fall while XAUUSD rises. Carry-trade unwinds and Ministry of Finance intervention are the defining risks.
The Tokyo session (23:00 to 07:00 UTC) drives the yen leg and the New York overlap drives both. Because intervention produces gaps that a stop cannot contain, protection comes from smaller position size rather than tighter stops.