FXStreet (Mumbai) - The USD/JPY pair shot higher to 200-DMA located at 121.00 levels after the fed statement talked up December rate hike bets. Yields rise and USD gains The yields on the short duration treasuries in the US shot up, indicating the FOMC statement has opened doors for a rate hike December. The 2-yr yield advanced more than 9 basis points, while the 10-yr treasury yield spiked more than 6 basis points. Consequently, the USD strengthened across the board. The USD/JPY pair rose to an intraday high of 121.12, before trimming gains slightly to trade near 120.90 levels. 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 would expose 100-DMA at 121.89. On the other side, support is seen at 120.76 (hourly 100-MA) and 120.54 (hourly 50-MA). For more information, read our latest forex news.