While the correlation with metals isn’t perfect, I wouldn’t imagine a weak yen is helping the metals out at all.  I am expecting $XJY to hold the 94 level on this correction.  It will likely be touching the 55 week EMA this week or in the next few weeks.  It’s been a long time since the yen corrected, so I suppose this is “healthy.”  A perfect scenario would be a touch of the 55 week EMA and then it bounces and never looks back.  The odds of that happening?  Probably zero.  I am expecting lots of fun and games between now and March.

BTW, the yen has closed red 7 days in a row–you definitely don’t see that often.  The 5 day RSI is extremely oversold (only matched a few times in the last 5 years).  If we are lucky it just bounces straight away and that will be it, but with our luck it will  probably bounce and then make an undercut low, just for kicks.