FX Action: USD-JPY has been trading in the low-to-mid 108.0s
FX Action: USD-JPY has been trading in the low-to-mid 108.0s, holding below yesterday's 108.51 peak. The pairing is being held back by an overall soft track in the Dollar after Fed's Clarida said that the central bank can afford to be patient, and see how data evolves. The Yen has in the meanwhile lost ground to the Dollar bloc currencies, which have return to outperformance mode amid a backdrop of rising global equity markets. News that China's Vice Premier is to travel to Washington DC for trade talks has been tonic for investors, offsetting news that Beijing will lower its 2019 GDP growth target from 6.5% to 6.0%. A Japanese December survey also saw an underwhelming current conditions indicator, which fell to 48.0, off the 50.7 median forecast. USD-JPY has support at 108.14-15.