Direct answer
Pip value for CHF JPY is the monetary change in your chosen account currency caused by a move of one pip in the CHF JPY price. The calculation follows a fixed mechanical structure: (1) determine the pip size for CHF JPY, (2) convert that pip size into the quote-currency amount per traded unit, (3) convert quote currency into the account currency using an exchange rate.
Because accounts can be denominated in different currencies, the numeric pip value depends on your account currency and the conversion rate you use at the time of calculation. There are no universal “one number” pip values for CHF JPY without stating the account currency and the calculation assumptions.
Mechanism or definition
1) What a “pip” means (and why it matters)
A pip is a standardized price increment used in FX quoting. For most JPY pairs, including CHF JPY, the pip size is typically defined as 0.01 in the quoted price (one “basis point” for that quoting convention). That means one pip corresponds to a CHF JPY price change of 0.01.
Assumption for examples: pip size for CHF JPY = 0.01.
2) Contract size and the trade quantity
Forex positions are usually described by a contract size expressed in base units. In a CHF JPY quote, CHF is the base currency and JPY is the quote currency.
Let:
- L = position size in CHF units (base units)
- P = current CHF JPY price
- pip = pip size in quoted-price terms (for JPY pairs, often 0.01)
3) Quote-currency change caused by one pip
For a base/quote pair, the quoted price tells you how many quote-currency units you pay/receive per 1 base unit. Therefore, a one-pip move in price changes the quote-currency amount roughly by:
- Δ(quote currency) per 1 base unit ≈ pip
For a position of L base units, the quote-currency change is:
- Δ(quote currency total) = L × pip
Here the quote currency is JPY, so the one-pip change is in JPY.
4) Convert the JPY pip change into your account currency
If your account currency is not JPY, you convert the JPY amount using a relevant exchange rate.
Let:
- X = conversion rate from JPY into your account currency (account per JPY)
Then:
- Pip value (account currency) = (L × pip) × X
If you already have the conversion as the other way around (your currency per JPY vs JPY per your currency), you must invert it; the direction must match the units.
Canonical “route” across account currencies
Because the position’s one-pip monetary change is naturally expressed in JPY, the only additional step is a conversion from JPY to the account currency.
Common cases:
- Account currency = JPY: pip value = L × pip
- Account currency ≠ JPY: pip value = (L × pip) × (account currency per JPY)
Assumptions required for any numeric example:
- the pip size definition you are using (0.01 for JPY pairs, unless a provider defines otherwise)
- the position size units L
- the conversion rate direction and timestamp you choose for X
Evidence or example (with explicit assumptions)
Assume:
- CHF JPY pip size = 0.01
- Position size L = 10,000 CHF (base units)
- Account currency is JPY first
- One-pip change in JPY:
- ΔJPY = L × pip = 10,000 × 0.01 = 100 JPY
- If your account is in JPY:
- Pip value = 100 JPY per pip
Now assume your account currency is EUR, and you compute:
- X = EUR per JPY from an exchange rate you choose
Then:
- Pip value in EUR = 100 JPY × (EUR per JPY)
Why the quoted price P is sometimes not used
In this mechanical approach, you do not need the current CHF JPY price P to compute the one-pip monetary change in quote currency because the pip size already defines the quote-price increment. However, many calculators incorporate P because they express conversion rates differently (for example, converting through intermediate pairs). If you follow the unit-based route “quote-currency pip change → convert quote to account,” you can avoid mixing formula forms.
Limitations and risks (material failure modes)
- Pip definition differences: Some providers or instruments may use different pip conventions (for example, fractional pip “pipettes”). If the pip size is not the one you assume, your pip value will be wrong.