Pip (tick) definition
Most currency pairs have an exchange rate priced to four decimal places. A change of one on the last decimal point is the equivalent of one pip or 1/100 th of one percent, or one basis point.
The term used in currency markets to represent the smallest incremental move an exchange rate can make. Depending on context, normally one basis point. For example, 0.0001 in the case of EUR/USD, GBD/USD, USD/CHF and .01 in the case of USD/JPY.