• USD/JPY touched 154.00 level on Wednesday as dollar gained as investors leaned towards Donald Trump winning the U.S. presidential election.
• Trump took the early lead over Democrat Kamala Harris as solid Republican-leaning states reported first, but critical battleground races, in the handful of states likely to decide the election.
• At GMT 05:40, the pair was trading down 1.32% at 153.60, highest level since 30th July .
• Technical signals are strongly bullish as RSI is at 65, daily momentum studies 5, 9 and 10 SMAs are trending up.
• Immediate resistance is located at 154.14(23.6%fib), any close above will push the pair towards 155.00 (Psychological level).
• Support is seen at 152.79 (SMA 5 ) and break below could take the pair towards 151.40 (38.2%fib)
Recommendation: Good to buy around 153.50, with stop loss of 153.00 and target price of 154.50
