USDJPY continues run higher. new highs being made on the day. ...Middle East

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Zooming out to the broader hourly chart, the pair is now approaching the 61.8% retracement of the June 23 high at 145.978, and a key swing area between 145.919 and 146.288. This upper region has proven to be strong resistance in recent months. While buyers have managed to push above it twice — in May and late June — each breakout attempt quickly faded, reinforcing the range’s upper boundary.

In the short term, support now comes in at:

145.216: last week’s high

Holding above these levels keeps the buyers in control intraday. A move below would ease bullish pressure and refocus attention on the 200-hour MA.

This article was written by Greg Michalowski at www.forexlive.com.

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