GBP/USD had a fairly flat session on Wednesday as the market continued to respect the 1.58 level as an area of importance. We are currently sitting on it as support, and the breakout looks to be set to be tested as well. We still think it is a bullish market at this point.
The USD/JPY pair looks like it is trying to confirm the 78 handle as the start of serious support all the way to the 78.75 level. The area is being defended by the Bank of Japan, and because of this we are only buying at this point. Of course, 80 should continue to keep prices down as well....
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