US 10-year yield resumed recent up trend after hawkish comments from Fed officials, and closed up 0.144 at 2.556. It should be emphasized again that TNX is now facing multi-decade channel resistance, at around 2.6. Rejection by this channel resistance, followed by break of 2.311 support will bring deeper correction, before making the next move.
However, sustained break of the channel resistance will mark the the change of a very long term trend. Further break of 100% projection of 0.398 to 1.765 from 1.343 at 2.710 could trigger rather fierce upside acceleration through 3.248 structural resistance (2018 high).
