Treasury 10-year yields may be set to keep rising after bouncing off a key technical level, according to JPMorgan Chase & Co.

A combination of positioning indicators and momentum-based analysis suggests a short-term reversal after the global bond benchmark dipped into the 2.01% to 2.08% zone before recovering, technical strategist Jason Hunter wrote in a note Tuesday. Yields may climb toward the 2.24% level, with a move even higher attracting buyers again, he said.

“Treasury technicals favor some near-term mean reversion to higher yields,” Hunter wrote. “We expect significant buying interest near the 2.28%-2.36% March to May breakout area if a backup extends that far.”

The 10-year yield fell as low as 2.05% on June 7 after a disappointing U.S. jobs report bolstered bets the Federal Reserve would cut interest rates, before subsequently recovering. It was at 2.12% Wednesday at 9:02 a.m. in New York.

The moves suggest yields are at least temporarily basing near the 2.08% level, according to Hunter.