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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 - Challenging its Declining Channel

USD/JPY has broken the key resistance at 118.87 and is now challenging the resistance implied by its declining channel (around 119.22). A break to the upside would suggest abating medium-term selling pressures. Hourly supports can be found at 118.49 (29/01/2015 high) and 118.00 (04/02/2015 low).

A long-term bullish bias is favoured as long as the key support 110.09 (01/10/2014 high) holds. Even if a medium-term consolidation is likely underway, there is no sign to suggest the end of the long-term bullish trend. A major resistance stands at 124.14 (22/06/2007 high). A key support can be found at 115.46 (17/11/2014 low).

We are raising our stop-loss at 117.86.

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