USD/JPY hits fresh 2-week highs above 114.50

The US dollar extended gains versus the Japanese yen. The greenback remains strong in the market supported by expectations of rate moves from the Federal Reserve and rising US bond yields. The 10-year yield rose to 2.50%. 

USD/JPY gained momentum again after retreating to the 20-hour moving average. The pair rebounded at 114.25 and rose to 114.58, hitting the strongest level since February 15. 

Today the US dollar also rose on the back of economic data, that showed a decline in jobless claims to the lowest since 1973. On Friday, Janet Yellen speech is likely to be a relevant event for the pair. 

Levels to watch 

Price remain near the highs, headed to the highest close since January 27. Today USD/JPY appears to finally be breaking above the 114.25 resistance. If the bullish bias continues to prevail, attention would turn to 114.95/115.00, a psychological level and also where February highs are located. 

In the short-term support levels could be seen at 114.25 (20-hour moving average), 113.65/70 (daily low) and 113.45 (Mar 1 American session low).