JGB futures have moved higher in the...........>

JGBS: JGB futures have moved higher in the afternoon session after they stuck to

a tight range before the lunch break with no concession observed in 30-Year

paper ahead of today's auction.

- The auction was relatively well received, despite the lack of concession, with

a cover ratio in line with the recent averages and a low price in line with exp.

- This allowed yields to edge lower in the afternoon session.

- Large coupons and redemptions may support the space this week, while JP Morgan

have reiterated their view of being long 30-Year JGBs.

- Bears have so far failed to capitalise on 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. 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.