FxPro Help Centre - Glossary
A pip (or percentage in point) consists of a small unit of the value of a currency pair. This is usually the fourth decimal place or 1/10,000th of the quote currency in a pair. In the case of the Japanese yen, it is the second decimal place or 1/100th of the quote currency in a JPY pair. Most currency pairs are calculated to five decimal places with the fifth decimal place often referred to as the ‘pipette’ or 'point'.