USD/JPY fell to test the 78 handle during the session on Wednesday, but remains above that handle. The pair looks like it is going to find a lot of support in this area, and we think selling isn't a possibility as the Bank of Japan is working against the value of the Yen.
The EUR/USD pair rose to fill the gap during the session as there were some whispers of a possible ESM-to-bank scheme out of Europe. However, this is only a rumor, and as such it is likely to find a lot of sellers art this point. We are also heading into a consolidation area from before, so we think resistance above is very likely.