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Bearish Extension


USDCHF Hovering Below Notable Resistance Area


Support Appears Exposed

JGBS: JGB futures edged higher in the afternoon, to trade 3 ticks better off at
151.00 as the Nikkei 225 failed to hold on to the bulk of its gains.
- The BoJ stood pat at its latest decision, as expected, while Kataoaka once
again dissented in favour of looser policy.
- The decision itself was always likely to be a non-event, with markets set to
pay more attention to BoJ Gov. Kuroda's press conference following last Friday's
apparent mishap.
- Looking at technicals for JGB futures, bulls continue to look for a close
above 151.19 to initially target 151.51 2017 highs. The Bollinger band top
(151.18) is the key concern for bulls with potential to limit follow through.
Bears still need a close below 150.89 to ease bullish pressure and below 150.47
to target 2018 lows.
MNI London Bureau | +44 0203-865-3809 |