USD/JPY rises further above 114.00

USD/JPY continued to rise during the American session and broke above 114.00 for the first time since March 15. The pair remains near the highs holding a bullish tone, headed toward the first daily close above the 100-day moving average since October. 

A stronger US dollar across the board pushed the pair further to the upside. It peaked at 114.22 and currently trades at 114.05, up 85 pips for the day. 

Equity prices in the US are mixed while US bond yields are up. The Dow Jones was falling 0.01% and the Nasdaq was up 0.27%. The 10-year yield rose above 2.40%, hitting the highest level since late March. The rally in US yields has been the key driver in the bounce of the USD/JPY, that since April 19, has risen almost 600 pips. 

Technical levels 

To the upside, resistance level could be located at 114.20/25 (daily high), 115.00 (psychological) and 115.50 (Mar 10 high). On the flip side support might lie at 113.95, 113.55 (20-hour moving average) and 113.10/15 (daily low).