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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: Breaking To The Upside Out of a Symmetrical Triangle

USD/JPY has broken the resistance implied by the declining trendline. The short-term technical configuration is positive as long as the support at 99.11 (12/11/2013 low) holds. An initial support lies at 99.79 (intraday low). A resistance is at 100.61.

In the medium-term, the break of the symmetrical triangle favours further rises towards the key resistance at 103.74 (22/05/2013 high).

In the longer term, the technical configuration since the 22 May peak at 103.74 looks like a pause within an underlying uptrend. Therefore, we expect an eventual continuation of the longer term bullish trend. A significant support stands at 95.81. A key resistance stands at 101.53.

Daily Technical Report

 

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