Point and pip are terms used to describe price changes in the trading market. While traders may similarly use these two terms, each is unique in the degree of change it signifies and how it is used in the trading market.
For convenience, we use a point in the value of the minimum price change.
For example:
In 3-digit quotes, a movement of 1 point on the AUDJPY currency pair would be from 95.209 to 95.210.
In 4-digit quotes, a movement of 1 point on the EURUSD currency pair would be from 1.1608 to 1.1609.
In 5-digit quotes, a movement of 1 point on the AUDCAD currency pair would be from 0.90038 to 0.90037.