if/else statement inside a switch statement

Question

I am working on a simple ATM program and I am attempting to use an if/else statement to either stay in or exit a loop while inside a switch statement.

Here is my code so far:

                while(continues == true)
                {  
                    System.out.println("Please select one of the following:\r\n"
                            + "1 - Deposit\r\n"
                            + "2 - Withdrawal\r\n"
                            + "3 - Check Balance\r\n"
                            + "4 - Log Out");

                    accountChoice = menuChoice.nextByte();
                    switch(accountChoice)
                    {
                        case 1:
                            System.out.println("How much would you like to Deposit?");
                            depositAmt = deposit.nextDouble();
                            bob.deposit(depositAmt);
                            System.out.println("Thank you, your current balance "
                                    + " is $" + bob.getBalance());
                            System.out.println("Do you want to make another "
                                    + "transaction?");
                            yesNo = yN.next();
                            if(yesNo == "Y" || yesNo == "y")
                            {
                                System.out.println("You will make another transaction");
                                continues = true;
                                break;
                            }
                            else
                            {
                                System.out.println("You will not make another transaction");
                                continues = false;
                                break;
                            }
                        case 2:
                            System.out.println("You chose Withdrawal");
                            break;
                        case 3:
                            System.out.println("You chose Check Balance");
                            break;
                        case 4:
                            System.out.println("You chose Log Out");
                            continues = false;
                            break;
                    }// end switch
                }// end while loop

My output is "You will not make another transaction" followed by my program ending regardless of what I actually enter. My problem seems to be that the else statement is always picked, but I do not know why.

Any help would be greatly appreciated.