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MIG Bank

MIG Bank

MIG BANK, formerly known as MIG INVESTMENTS, was established in Neuchatel, Switzerland as an online Forex broker and in 2009 became the world's 1st Forex…

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USD/JPY Bearish Pullback Targets 80.00

USD/JPY’s bearish pullback has extended lower beneath previous support at 82.00. The move was originally triggered by a DeMark™ exhaustion signal that was activated in late February.

Key intraday support is now being tested at 81.08/10 (38.2% Fib retrace/Feb 07th uptrend). A break here would offer further health setbacks into 80.00-10 (50% Fib/psychological level) and 79.16/20 (61.8% Fib).

These levels are expected to hold and offer renewed buying opportunities in our model portfolio for USD/JPY’s major long-term 40-year cycle upside reversal.

Only a decisive confirmation above 83.40 and 84.18 will extend the bullish recovery which had already risen almost 10% in only 7 weeks!

The key medium-term upside trigger level can be found at 85.50.

Daily Technical Report


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