Nearly all currency pairs consist of five significant digits and most pairs
have the decimal point immediately after the first digit, that is,
EUR/USD equals 1.2812. In this instance, a single pip
equals the smallest change in the fourth decimal place,
that is, 0.0001.
Therefore, if the quote currency in any pair is USD, then one pip
always equals 1⁄100 of a cent. One notable exception
is the USD/JPY pair where a pip equals $0.01
(one U.S. Dollar equals approximately 107.19 Japanese Yen).
Pips are sometimes called points.
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