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Pip
       

Pip
    
    

     A "pip" (percentage in point) also known as a "tick", is the smallest price increment in any currency pair.  In USD/CHF, a movement from .1.2537 to 1.2538 is one pip, so a pip is .0001.  In USDJPY, a movement from 118.02 to 118.03 is one pip, so a pip is .01.