Pairs involving the Japanese yen are quoted to two decimal places rather than the usual four, because the value of a yen unit is small. A pip on USDJPY is therefore 0.01 rather than 0.0001, so a move from 149.50 to 150.00 is fifty pips. Reading the wrong convention inflates or shrinks a stop distance by a factor of ten, which is why the pip count should always be checked against the quoted decimals.
Forex glossary
JPY Quote Convention
Related term
Pip
A pip (percentage in point) is the usual smallest move quoted in a currency price. For most pairs it is the fourth digit after the decimal point, so EURUSD movi…
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Definitions are written by us and corrected when we are told we are wrong. If your broker quotes differently — especially on gold — say so and we will record the assumption.