If we are correct then 10 year US note will find resistance, and pattern definitely suggests the same as rally from April low is in three waves. Also, notice a breakdown on sp500, but bulls on 10 year did not even blink… so IMO stocks are seeking for a near-term support that will cause strong leg down on 10 year.
10 Year US Notes vs S&P500, 1h
So whenever stocks will find a support, that’s when XXX/JPY pairs may again wake up. But on USDJPY we see an ongoing five wave cycle down in C, so for now bears appear incomplete, but it will be interesting to watch the same pair after wave five.
USDJPY, 1h
