PIP

Percentage in point or price interest point (PIP) is the smallest unit of measurement in a currency pair. In the FX markets, all major currencies quote in 5 decimal places except the Japanese yen, which quotes in 3 decimals. Historically, FX pairs would quote in 4 decimal places with the Japanese yen in 2 decimals. The smallest unit of measurement in an FX pair is 1-pip.

For instance, if the USD/CAD pair moves from 1.1010 to 1.1011, the 0.0001 increase in the exchange rate is one-pip. Likewise, if the GBP/JPY pair moves from 145.05 to 145.06, the 0.01 increase in the exchange rate is one-pip.