The US 10 year yield is training down around 5.4 basis points at 4.61%.
Looking at the hourly chart above, the yield high today stalled against its 100-hour moving average at 4.647%. The 200 hour moving average is at 4.635%.
If the yield can stay below these levels, the downside is the path of least resistance.
Targets: The low yield last week reached down to 4.570%. A move below that level, and the 38.2% retracement of the move-up from the March 28 below comes in at 4.527% and would be the next target.
Meanwhile, the USD is seeing sellers with the yields tilt to the downside.
