Is the lack of buying interest telling?
This in-between the BOJ and Fed period is so tricky.
Alone, USD/JPY looks bad. It's been in an 8-hour slide and all the bounces have been minimal. It's sitting on the lows of the day and can't hold a bid.
What may be interesting in the next two hours is some position squaring ahead of the Fed. There's always the risk of something especially hawkish but for the USD/JPY bears, it's really a matter of holding shorts, trying to sell a bounce or selling on one of the crosses.
One of those crosses to watch is CAD/JPY. It's fallen for nine straight days and is testing the Brexit low at the moment.
