What Is A Pip?
A pip (percentage in point) is the smallest unit in an exchange rate.
Most major currencies quote prices to four decimal places. That fourth decimal place is the pip, the lowest change possible, and the unit in which a trader counts profit or loss. The Japanese yen, however, quotes to five decimal places. Fractional pips appeared with the influx of electronic trading platforms, allowing for price quotes displayed to 1/10 of a pip.
FXCM Research Team
FXCM Research Team consists of a number of FXCM's Market and Product Specialists.
Articles published by FXCM Research Team generally have numerous contributors and aim to provide general Educational and Informative content on Market News and Products.
Retrieved 08 Feb 2019 https://www.bis.org/bcbs/history.htm