Why are there only three decimal places on prices on Yen pairs?

It is important to note that any pair including the Japanese Yen (JPY) will display only three places after the decimal on the price. This is because on the Yen the second decimal place is the pip value and the third place is the point value.

For example in the price 117.072 the 7 is the pip value and the 2 is the point value. If the price were to raise to 117.093 then the price went up 2 pips and 3 points.

All other currency pairs will display pips in the fourth decimal place and points in the fifth decimal place.

For example in the price 1.12985 the 8 is the pip value and the 5 is the point value. If the price were to raise to 1.12999 then the price went up 1 pip and 4 points.