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(H1) Bearish Risk Still Present Despite Bounce

JGB TECHS
  • RES 3: 152.55 - High Aug 5 (cont)
  • RES 2: 152.28 - 3.0% Upper Bollinger Band
  • RES 1: 152.18 - High Dec 14 / 23 and the bull trigger
  • PRICE: 151.97 @ 19:12 GMT Jan 4
  • SUP 1: 151.81 - Low Dec 7 and the bear trigger
  • SUP 2: 151.63 - Low Nov 4
  • SUP 3: 151.30 - Low Aug 28

JGBs sold off sharply on Dec 24 reversing the recovery between Dec 7 - 23 and the sell-off highlights a bearish threat once again. Although prices are higher today, further weakness would pave the way for 151.81, the Dec 7 low and a bear trigger. Clearance of this support would open 151.63 further out, the Nov 4 low. On the upside, key resistance has been defined at 152.18, Dec 14/23 high. A break would reinstate a bullish focus.

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