• USD/JPY rose on Monday as greenback strengthened ahead of the Nov. 5 presidential election.
• The dollar has risen for three consecutive weeks as a series of positive economic data prompted investors to lower their expectations regarding the size and speed of Fed rate cuts.
• A close below support at 23.6%fib will give further momentum to bears, opening the way for a run towards 151.50 level.
• Technical signals are bullish as RSI is heading down at 65, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 151.01 (23.6%fib), any close above will push the pair towards 151.85 (Higher BB).
• Support is seen at 149.30 (38.2%fib) and break below could take the pair towards 149.00 (Psychological lvel)
Recommendation: Good to by around 150.00, with stop loss of 142.50 00and target price of 151.50
