USD/JPY Dips Supported, BoJ Deputy Governor Speech In Focus Today

USD/JPY had a brief dip lower in NY trade on Wednesday, getting to lows of 147.63. Highs were in the 148.25/30 region, but the pair found support and we track 148.15/20 in early Thursday trade. Yen lost a modest 0.16% for Wednesday's session.

• Today locally, most focus is likely to be on BoJ Deputy Governor Uchida's speech at 10:30am (0130 GMT) local time today, followed by a press conference at 2:30pm (0530 GMT). The tone around March exit risks will be a focus point for markets.
• TO recap, yen volatility was driven by weakness for NYCB at the cash open in US trade on Wednesday, which prompted a brief greenback selloff. However, stabilisation on this front quickly sapped any downside momentum for the dollar. Broader USD/JPY ranges remain in play for the pair. This week’s highs at 148.80 still marking the nearer technical resistance point.
• The BBDXY was close to flat for Wednesday's session. US equity markets tracked higher, SPX around +0.80%, which likely contributed to some safe haven underperformance (CHF dipped 0.48% though post FX reserve numbers).
• On the data front, we have weekly investment flow data, Dec current account and Jan bank lending, while later on is the Eco Watchers survey.
• In the option expiry space, note the following for NY cut: Y146.25-30($1.7bln), Y147.50($771mln), Y147.75-80($2.4bln), Y148.00($530mln), Y149.00($518mln), Y150.00($541mln).