Forex brokers have started to present exchange rates with 5 decimal places for normal pair and 3 decimal places for JPY pairs. This has resulted in the introduction of a new term pipette.
A pipette is a 1/10 of a pip.
10 pipettes = 1 pip.
In a trade of 10,000 units of EUR/USD, you multiply 10,000 × 0.0001 = 1, which is the pip value in USD, in other words, 1 pip of change in the exchange rate is a profit/loss of 1 USD.
In case of 20,000 units of USD/JPY, the pip value would be 20,000 × 0.01 = 200 JPY.
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