USD/JPY is in bearish mode because of higher US bonds and lower stocks. On the intra-day charts we see room for further weakness on USD/JPY as decline from 99.90 appears incomplete. We need five waves down, so keep an eye on fifth wave sell-off after a bounce in wave (iv) back to 97.35-97.50 short-term resistance.

Bearish USD/JPY is matching with higher US Bonds which are looking bullish for the near-term, for third leg up in wave C) within a larger wave (4) pattern which can be triangle or even a flat if wave C will unfold in five waves.