A pip (percentage in point or price interest point) is the smallest price movement in a currency pair. For most major pairs, a pip is the fourth decimal place (0.0001), while for yen pairs it's the second decimal place (0.01).
Learn more: What is a Pip?
If EUR/USD moves from 1.1050 to 1.1051, it has moved 1 pip. If USD/JPY moves from 110.50 to 110.51, it has moved 1 pip.
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