Pip
The smallest standard unit of price movement in currency pairs: the fourth decimal place (0.0001) for most pairs, the second (0.01) for JPY pairs.
Pip is short for "percentage in point" and is used to measure changes in forex prices. When EURUSD rises from 1.0850 to 1.0860, price has gone up 10 pips.
The money value of a pip depends on trade size (lot): on 1 standard lot of EURUSD, 1 pip ≈ $10, on a mini lot $1, on a micro lot $0.10. Brokers usually quote prices in "pipettes," a tenth of a pip (the 5th decimal).
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