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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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GBP/JPY - Targeting Year High

GBP/JPY has broken the short-term rising channel. Key resistance lies at 195.88 (year-high) and 197.45 (26/09/2008 high). Stronger support is given by the 38.2% Fibonacci retracement at 187.86. We expect the pair to hold below 195.88.

In the long-term, the lack of any medium-term bearish reversal pattern favours a bullish bias. The successful test of the strong support at 175.51 (03/02/2015 low) signals persistent buying interest. Key resistances stand at 197.45 (26/09/2008 high). A major support area can be found between 169.51 (11/04/2014 low) and 167.78 (18/03/2014 low).

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