Futures were 5 ticks higher at 151.02, with....>

JGBS: Futures were 5 ticks higher at 151.02, with 10-year yields at 0.046%

(-0.1bp) after the long end unwound some of the underperformance it experienced

in the morning.

- The shorter end still led the way higher in the wake of a solid 2-Year

auction, which drew a higher than expected low price.

- Tomorrow's Rinban operations across the JGB curve (excl. 5-10 Year) and a

speech from BoJ dove, Kataoka, due Thursday, provide the most obvious risk

events domestically.

- On the technical front fresh 2018 highs continue. The close above 151.01 will

be welcomed by bulls, although daily studies at O/B levels will provide them

with concern. In saying that, bears now need a close below 150.96 to ease

pressure on resistance layers and below 150.85 to shift focus back to 150.51-68

where key DMAs are clustered. Below 150.51 is now needed to return focus to 2018

lows (150.09).