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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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