Can anyone tell me what the 0.1 refers to?
USD/JPY at an exchange rate of 119.80:** (.01 / 119.80) x 100,000 = $8.34 per [pip]
That is 1 pip, if the price changes it will be changing by .01 changes in the decimals. So every .01 changes in price is 1 pip.
It is 1 pip, the smallest change in the price.