I previously posted a chart suggesting the massive Nov-Dec rally in the Dollar vs Yen was a top. This scenario continues to play out and portends more downside possibility to the levels of last summer.

If that were to occur the Yen would return to the level that coincided with the peak in the PM rally last summer. This of course implies that as we see the Yen strengthen from here it will co-inside with a similar very strong rally in the PM complex. It appears we are now in the 3rd wave down in the Dollar vs Yen so we could expect a strong breakout in the PM’s now.