A rise in the treasury yields following payrolls release made the dollar attractive, pushing the USD/JPY pair above 114.00 levels. Eyes 23.6% Fibo level The spot clocked a daily high of 114.18 and has its eyes set on 114.48 (23.6% of June 2015 high-Feb 2016 low). The non-farm payrolls figure bettered estimates by printing at 242K. The previous month’s figure was revised higher to 172K. The upbeat headline figure overshadowed the month-on-month contraction seen in average weekly earnings. Consequently, the 10-yr treasury yield advanced to 1.883%; up more than five basis points on the day. The 2-yr yield, which represents short-term rate hike bets advanced to 0.878%. USD/JPY Technical Levels The immediate hurdle is seen at 114.48 (23.6% of June 2015 high-Feb 2016 low), above which the pair could target 114.87 (Feb 16 high), which if breached shall open doors for a rally to 115.97 (Jan 20 low). On the other hand, a breakdown of immediate support at 113.56 (5-DMA) could see the spot re-test 113.19 (10-DMA). A break lower could see prices drift lower to 112.15 (March 1 low). For more information, read our latest forex news.