Will it Stick?

Friday’s runaway meltup was seemingly driven entirely by USDJPY.  On the daily chart, the 47-pt gain seems clearly correlated to the USDJPY rebound (that we had forecast several weeks ago.)

In reality, the initial USDJPY spike was responsible for only the first 20-25 points.  After that, it was all CL, which moved in tandem with USDJPY as it tried to regain its overnight highs.

So, what might it mean now that CL and USDJPY both just ran into heavy overhead resistance?2016-02-01 USDJPY v ES 60 0600continued for members


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