PIP aka Percentage in Point
A pip is the value of measurement for a price change of a financial instrument.
A pip is the equivalent of 1/100 of 1% or one basis point.
For most finanical instruments the pip value is the 4th digit after the decimal point in the price quote.
GBP/USD Sell 1.2385 / Buy 1.2386
For Japanese Yen (JPY) currency pairs the pip value is the 2nd digit after the point in the price quote.
USD/JPY Sell 129.83 / Buy 129.84
Check out this article on "What is a Fractional Pip"?
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