USD/JPY fell during the session but stayed within the current support zone of 78 - 78.75. This area seems to be holding firm, and we believe that the Bank of Japan is protecting the 78 handle at the moment. The Ben Bernanke speech later today should provide a bit of momentum in one direction or another. We know we won't sell though - the Bank of Japan has a larger account than we do.
The GBP/JPY pair fell during the Thursday session but remains above the 124-ish support level. The pair followed the GBP/USD, which of course makes sense. We still like the idea of selling the Yen, (buying this pair) but will need to see the GBP/USD pair rise as well.