The US 10 year yield continued the run to the downside earlier today, bottoming at3.897%. That was near other recent lows up to 3.90% (see green numbered circles).

US 10 year
US 10 year yield trade between its 100 and 200 hour MAs

Traders leaning against that yield's floor level stalled the fall, and the yield has since moved back above the broken 200 hour MA at 3.955% to a high today of 3.971%. The yield is currently at 3.964%.

The move to the upside puts the yield back in the area between the 100 hour moving average (blue line) above at 3.984%, and the 200 hour moving average (green line) below (at 3.955%).

Traders will look for a break either to the downside or the upside to give a clearer bias for the yield going forward.

Of course, tomorrow Fed's Powell testifies on Capitol Hill. His comments will be scrutinized closely for clues on the terminal rate for the Fed. That of course can also have an impact on the 10 year benchmark yield.

Perhaps moving back the yield between the 100 and 200 hour moving average is a safe/neutral place to be ahead of his testimony.