Some brokers are now beginning to quote the other major currencies to 5 decimal places. Rationally this should mean that one pip would be 0.00001 currency units, but the potential there for confusion is massive, if a pip would be worth ten times as much with some brokers than with others. So it appears likely that the pip will stay at 0.0001 units for most currencies.
Most traders record their profit and loss in currency trading pips as well as in money. This enables easy comparison of one trade with another so that you can guage a system. It also means that traders can debate their ends up in a forex forum without unveiling the scale of their account or their profits in bucks and cents.
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