A technique facilitates examination of a tubing string which may comprise coiled tubing or other types of pipe. A sensor is positioned to monitor a pipe for a magnetic flux leakage signal indicating a defect in the pipe. The sensor outputs data on the magnetic flux leakage signal to a data processing system. Correlations between magnetic flux leakage signals and fatigue life of the pipe may be accessed by the data processing system and these correlations may be used to automatically predict a fatigue life of the pipe. Based on the determined fatigue life, an operation with respect to the pipe is selected and such operation may comprise continued normal use, repair, or removal from service.