FxWirePro: USD/ JPY gains some upside momentum as yen tumbles after coalition setback

 • USD/JPY hit three month high  on Monday  after Prime Minister Shigeru Ishiba's coalition lost its parliamentary majority in a setback  in Sunday's election.

  • Japan's general election takes place nine days before the votes are counted in the closely contested U.S. presidential race, prompting investors to consider the potential for a stronger dollar.

• At GMT 04:37, the pair was trading down 0.80% at 153.46, highest level since 29th Jul .
• Technical signals are  strongly bullish  as RSI is   at 70, daily momentum studies  5, 9 and 10 DMAs are trending up.
 
• Immediate resistance is located at 153.77(23.6%fib), any close above will push the pair towards 155.24 (Higher BB).

•  Support is seen at 152.71 (Daily low) and break below could take the pair towards 151.72 (38.2%fib).

Recommendation: Good to buy around 153.30, with stop loss of 152.30 and target price of 154.50