USD/CNY fix model: Projection 199 pips higher to 6.5825 - Nomura

USD/JPY is trading in a phase of consolidation, despite Japan returning. There is really very little action as the major has settled with the recovery from the US lows at 117.18 overnight after equities rebounded to some degree and priced out the less committed Yen bulls before the shift handed over to Asia. The price, however, remains in the bear's lair and capped at the hourly 50 sma at 117.72 that is just below the highs of 117.83.