FXStreet (Mumbai) - The USD/JPY pair dipped in Asia despite treasury yields remaining resilient around the NY session highs. Back above hourly 100-MA The pair dipped to a low of 120.58 in Asia before recovering slightly to trade above its hourly 100-MA located at 120.78 in early Europe. Still, the pair is well below its NY session high of 121.26 levels. However, a more policy sensitive 2-yr treasury yield still trades around 0.71%. Later today, the USD/JPY pair and the treasury yields could take cues from the US preliminary Q3 GDP figure. A strong figure could strengthen the direct correlation between the USD/JPY and the treasury yields. USD/JPY Technical Levels The immediate resistance is located at 121.00 (200-DMA), above which gains could be extended to 121.50 (Oct 26 high). A break above the same would expose 121.86 (100-DMA). On the other side, support is seen at 121.58 (daily low) and 120.41 (10-DMA), under which the pair could test 120.14 (50-DMA). For more information, read our latest forex news.