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The spread is measured in pips, which is a small unit of movement in the price of a currency pair, and the last decimal point on the price quote (equal to 0.0001). This is true for the majority of currency pairs, aside from the Japanese yen where the pip is the second decimal point (0.01). An important detail about the FX pip is that it depends on the accuracy of the price measurement. Some brokers offer 4-digit quotes – here the accuracy of price measurement is limited to ten thousandths. In this case, the pip change of the fifth last decimal point in the EURUSD price – for example, from 1.00000 to 1.00004 – will go unnoticed. A one-pip change for a 4-digit Forex broker will equal a 10 pip change for a 5-digit quote. So, for EURUSD for example, the applied formula would look like this: 1 lot (€100,000) X 0.0001 = $10. For Yen-based currency pairs, the result is a little different because the pip’s position is different. The value of 1 pip in USDJPY is 1 lot ($100,000) X 0.01 = ¥1000.
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