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USD/JPY is currently trading in the red at 110.29 and could soon drop to the psychological level of 110.00, having dived out of the rising channel in early Asia.  

The spread between the 10-year US and Japanese government bond yield (US 10Y-JP10Y)is teasing a symmetrical triangle breakdown, which if confirmed, would open the doors to 255 basis points (Jan. 3 low). That would only add to the bullish tone around the anti-risk JPY.  

A strong bounce from the ascending 10-day MA, currently at 110.19, would revive the immediate bullish outlook.  

USD/JPY 4-hour chart

US10Y-JP10Y daily chart

Trend: Bearish