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To calculate the number of pips gained when buying the USD/JPY at 110.50 and selling it at 110.80, you can use the following formula:
Pips Gained=Selling Price−Buying Price
Substituting the values:
Pips Gained=110.80−110.50=0.30
Since the USD/JPY is quoted to two decimal places, each pip is equivalent to 0.01. Therefore, to convert the gain into pips:
Pips Gained=0.300.01=30 pips Pips Gained=0.010.30=30 pips
Thus, you gained 30 pips from this trade