There is a meme going around that lot of the speculative trends recently were a offshoot of huge amounts of oil revenue in a short period of time. Lot of the bond market rally and equity rally, is being given credit to petro dollars being converted into speculative derivatives. GBP/USD, EUR/USD, GBP/JPY, EUR/JPY, the same money flows may not be sustainable in the future. The BOJ was expected to raise rates this month, but held back, and are expected to raise next month. The technical breakdown of Oil may also lead to technical breakdowns in other markets.