When looking at the USD/JPY long-term chart, I noticed that the 125 level seems to have some sort of special importance. Why? Who knows. But whatever the reason, this area has acted as major support and major resistance many times. I bring this up because the USD/JPY has just run head first into this zone, as marked by the green horizontal shaded area. In my opinion, this is big deal as it relates to the future direction of precious metals and the overall markets. If the USD/JPY is turned away and starts to fall (ie. the Yen strengthens against the dollar), then there will likely be a reversal of the pair trades mentioned in the opening paragraph. If the USD/JPY overcomes the 125 area, then the green area will become major support, further strengthening of the dollar would occur, with a corresponding continuation of the pair trade.
The bottom line is that the USD/JPY is at an inflection point of historical importance. If the Yen strengthens here, as the chart suggests, then we should see corresponding weakness in US stock markets and a commensurate rise in precious metals.