Extremes were extended this past week. EURUSD drove closer towards 1.4000 but settled for a 14-month high above 1.3600; while USDJPY tallied its 12th consecutive weekly advance. A positive bearing on risk trends certainly aids the move, but sentiment is far less robust than this rally these moves would suggest. In the weekend video, we discuss the fundamental, technical and market conditions that back these markets as well as strategy for scenarios in which the one-sided trends continue or finally crack.

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