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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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EUR/JPY - Buying Pressures Start To Fade

EUR/JPY's bullish momentum is clearly on despite some bearish consolidation. The pair is trading above former resistance at 122.01 (23/06/2016 high). The road is nonetheless wide open for further increase. Hourly support lies at 122.11 (12/12/2016 low). Expected to go further higher but larger downside moves may happen again (profit taking).

In the longer term, the technical structure validates a medium-term succession of lower highs and lower lows. As a result, the resistance at 149.78 (08/12/2014 high) has likely marked the end of the rise that started in July 2012. Strong support at 94.12 (24/07/2012 low) looks nonetheless far away.

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