In the Forex market, prices are quoted in
pips.
Pip stands for "percentage in point" and is the
fourth decimal point, which is 1/100th of 1%.
In EUR/USD, a 3 pip
spread is quoted as 1.2500/1.2503
Among the major currencies, the only exception
to that rule is the Japanese yen. In USD/JPY,
the quotation is only taken out to two decimal
points (i.e. to 1/100 th of yen, as opposed to
1/1000th with other major currencies).
In USD/JPY, a 3 pip
spread is quoted as 114.05/114.08
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