A forex pair comprises two currencies. The first is the base currency, and the second is the quoted currency. Since an FX or currency pair compares one against the other, the base currency represents one unit. On the other hand, the quoted currency represents the units required to purchase one base currency unit. For instance, if the AUD/JPY pair is quoting 80.66, it specifies that 1 unit of the Australian dollar = 80.66 units of the Japanese yen.