You are late to the party, friend! Know of a table of the "standard" pip values for all 128 pairs? That would be nice to have.

Do you recommend some other way to determine the how to relatively discretize the price of every pair? I can't just pick some real number to be unit because that will make some of the currency prices always zero for instance... The goal is to have a finite number of "levels" that each price takes on because otherwise there is a # of states explosion which only a super computer has the power to work with.

Please write some more. Perhaps an example.

You didn't mention observations.