Pip
Also called: pips, basis point FX, tick
A pip is the standard smallest price move in a currency pair — 0.0001 for most, 0.01 for yen pairs. It's how FX profit, spreads and stops are all quoted. Its cash value depends entirely on position size: one pip on a standard 100,000-unit lot is about $10, which is how a market that moves fractions of a percent produces such large gains and losses.