Our CFTC prop research points out the Bloomberg commodity index is headed lower. This has a wide ranging effect on global indices and sectors that are heavy weighted trading or using Metals, Natgas and Oil.
CFTC data shows YEN bears were at extremes a few weeks back. They have started to unwind their positions and thus accelerating Yen's upside.
Nikkei225 which is in close inverse-correlation with YEN is tracking lower too.
We expect market participants to continue unwinding YEN shorts from over -$12bn short to -$7.5bn, which would transcend into a 2-3 handle move...