Pip

Before going crazy about Forex, let me just brief you what is a Pip in Forex trading.
The smallest price change that a given exchange rate can make. Since most major currency pairs are priced to four decimal places, the smallest change is that of the last decimal point - for most pairs this is the equivalent of 1/100 of one percent, or one basis point. - Investopedia

A pip is the smallest price increment in forex trading – pip stands for percentage in point.

Prices are quoted to the fourth decimal point in the forex market – for example EUR/USD might be bid at 1.1914 and offered at 1.1917. In this example we can see that the spread is 3 pips wide. The Japanese Yen (JPY) is an exception – it is quoted only to the second decimal point. - Traderslog

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