FXStreet (Mumbai) - The bid tone on the USD is gaining ground tracking the rise in the Treasury yields, pushing the USD/JPY to fresh highs at the hourly 100-MA at 121.29 levels. Snaps two-day losing streak The turnaround from the low of 120.57 levels and a rise to the hourly 100-MA marks the end of the two-day losing streak. The upbeat US CPI released a few minutes back has pushed up the treasury yields. The 10-yr yield and the 2-yr yield are now up almost three basis points and six basis points respectively. The currency pair could continue to track the movement in the treasury yields ahead of the FOMC rate decision due tomorrow. The action on the Wall Street could also influence the demand for the safe haven Yen. USD/JPY Technical levels The pair faces a strong resistance in the range of 121.58-121.63 (200-DMA, 100-DMA, and 50-DMA), which, if taken out could trigger a rise to 122.12 (61.8% of 125.856-116.082). On the other hand, a failure to sustain below 120.97 (50% of 125.856-116.082) would expose the previous session’s low of 120.34. For more information, read our latest forex news.