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.
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