Futures have edged lower, but have stuck to....>

JGBS: Futures have edged lower, but have stuck to a tight range, operating in

familiar territory, while cash yields have edged higher in afternoon dealing in

sympathy with the space's global counterparts.

- The latest round of BoJ Rinban operations, covering the 5-25+ Year buckets,

was left unchanged in terms of size. Looking at the breakdown of the operations

the offer to cover ratio across all 3 buckets held steady.

- Bears have so far failed to capitalise on last Wednesday's sell-off in futures

with the recovery resulting in pops above 100 & 200-DMAs. The 150.88-94

resistance region remains key today and has held firm thus far. Bulls need a

close above this region to return focus to the 151.02-19 resistance region.

Daily studies remain well placed for gains. Bears now need a close below 150.71

to gain breathing room and reconfirm initial focus on 150.53-60.