The ATmega328 datasheet says input voltages must not exceed 5.5V. That's an absolute maximum and should not be considered a normal operating condition. 5.4V should be OK, but it wouldn't hurt to put a resistor in series to limit current in case it spikes for some reason.
The minimum voltage for a logic high on a digital I/O pin is 3V. The maximum voltage for a logic low is 1.5V.