FxWirePro: USD/JPY bullish outlook with scope to target 152.50 level

• USD/JPY steadied around 151.90 on Friday  as investors prepared for Japan's general election this weekend.

• Japan's voters may end over a decade of Liberal Democratic Party dominance on Sunday, potentially forcing the ruling party into power-sharing arrangements that could weaken the country's leadership.

 • On the data front, core inflation in Japan's capital in October dipped below the central bank's 2% target for the first time in five months, data showed on Friday. 

• Tokyo core consumer price index (CPI), excluding volatile fresh food prices, rose 1.8% year-on-year in October.

• At GMT 03:34, the pair was trading up 0.04 % at 151.87 recovering from overnight losses. 

• Technical signals are  strongly bullish as RSI is   at 63, daily momentum studies  5, 9 and 10 DMAs are trending up.
 
• Immediate resistance is located at 152.99(23.6%fib), any close above will push the pair towards 153.64 (Higher BB).

•  Support is seen at 151.51 (Daily low) and break below could take the pair towards 150.82(38.2%fib).

Recommendation: Good to buy  around 151.70, with stop loss of 151.00  and target price of 152.50