While the Bank of Japan's positive outlook, somewhat surprisingly, failed to provide any real momentum to the JPY, Greece and the FOMC minutes may bring some action to CHF and USD, says Saxo Bank’s Head of FX Strategy John Hardy.

JPY was generally weak in the wake of the Bank of Japan meeting overnight. USDJPY has cleared the Ichimoku cloud this morning, but John Hardy says it really needs to see 120.00 to support a more bullish case. 

In Europe, markets are optimistic about a debt deal for Greece and that seems to be providing momentum for CHF both against the euro and dollar.

In the US, markets will be paying close attention to the FOMC minutes out later on Wednesday. John Hardy says the US Federal Reserve and traders are failing to see to eye-to-eye on the pace of any interest hikes. The minutes may close that gap. If not, it could be a job for Fed Chair Janet Yellen, who goes before the US Congress next week for a semi-annual testimony before lawmakers.