10 year yield down 3.2 bp to 2.33%. Auction later today.
The 10 year yield is lower by 3.2 bps to 2.33%. Looking at the yield chart for the 10 year note, the 2.30% is a key area. Yesterday, the price dipped below that floor but rebounded into the close. A move below should solicit a move lower in yield (higher prices for the notes). On a break below, the 2.134% would be potential target area. On the topside on the daily it would take a move above the 2.433% level where the 50 and 100 day MA area converged. There has been a lid against the 2.40% level over the last week or so of trading. Later today, the US Treasury will auction off 10 year bonds. There seems to be good demand from the price action today.
Forex technical analysis: USDJPY wilting to new session lows as yields lower
