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MIG Bank

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: Approaching its Previous High at 98.65

USD/JPY remains in a short-term succession of lower lows and lower highs since its peak at 101.53. However, the move above the initial resistance at 98.13 (19/08/2013 high) favours a test of the previous high at 98.65 (15/08/2013 high, see also the declining trendline). An hourly support stands at 97.55 (intraday low).

A medium-term continuation pattern (symmetrical triangle) could be underway. Coupled with the 200 day moving average and the short-term oversold conditions, we see the region between 95.81 and 93.79 as a strong support area.

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