Increments in the market value of a currency pair are measured in pips. The value of a currency pair is often calculated to 5 decimal places. Pip is the fourth digit in the value of a currency pair. For example, currency pair EUR/USD has a value of 1.34678; here, the pip is .007.
All currency pairs measure pip from the 4th decimal place except yen and huf, which is measured on 2nd decimal.