The US 10Y yield moves lower. USDJPY follows the move as it trades to a new session low. | Forexlive

The US 10 year yield is moving lower and in the process is moving closer to its 100 hour moving average at 4.142% (see blue line in the chart below).

The last time the price traded below the 100 hour moving average was on FOMC day last week when the initial Fed’s statement came out with a somewhat dovish tilt. Fed’s Powell comments during his press conference put the kibosh on that idea, and the yields started its move back to the upside. The move stalled at 4.244% earlier today, before the yield started to rotate to the downside.

The move to the downside has pushed the USDJPY lower as well. Looking at the hourly chart, the price has moved below the swing low going back to October 21 at 146.149. Yesterday the price moved briefly below that level and and today the low stalled near the level (before the recent break).

Looking at the hourly chart, the next target would come near 145.48. There is a swing area that starting with that level. The low of the swing area goes down to 145.098. The 145.482 level was the swing low from October 24. The 145.098 was a swing low from October 27. There are a number of other swing levels going back to early October in that area (see red numbered circles). A move below would be more bearish.