The spread is usually measured in pips, which is the smallest unit of price movement of a traded asset. For most currency pairs, one pip is equal to 0.0001. An example of a 4 pip spread for EUR/GBP would be 1.2339/1.2335. However, currency pairs involving the Japanese yen are quoted to only 2 decimal places -- an example of a USD/JPY quotes would be 109.53/109.45. The example quote indicates an 8 pip spread.