FXStreet (Mumbai) - The USD/JPY pair is back near its hourly 50-MA at 123.01 levels, while the treasury yields rose ahead of the Yellen speech. Will it extend gains above 123.00? The pair has had a tough time extending gains above 123.00 handle since the early Asian session. However, that may happen later today if the Fed’s Yellen pushes the hawkish button enough to convince the markets that the Fed may move rates by 25bps at the December meeting. Meanwhile, the treasury yields are already on the rise ahead of Yellen’s speech. The 10-yr treasury yield and the 2-yr treasury yield are both trading higher by 2 basis points. USD/JPY Technical Levels The immediate resistance is seen at 123.13 (hourly 100-MA), above which the pair could rise to 123.60 (Nov 9 high). A break above would expose 124.00 handle. On the other side, support is seen at 122.74 (daily low) under which the losses could be extended to 122.21 (hourly 200-MA). For more information, read our latest forex news.