JGB futures have once again stuck to a tight...>

JGBS: JGB futures have once again stuck to a tight range, operating in familiar

territory sandwiched between key support and resistance levels.

- The cash curve has been subject to some steepening in the afternoon session as

the latest round of BoJ Rinban operations, covering the 10-25+ Year buckets,

provided mixed results with the size of the operations left unchanged. The 10-25

Year bucket's offer to cover moderated a tad after the jump that came in

Monday's operations, while the 25+ Year bucket's offer to cover ratio surged to

4.25 from 3.17, in turn pressuring the longer end in afternoon dealing.

- Following the bounce from futures' 200- (150.76) & 100- (150.75) DMA's bulls

look for a close above hourly resistance from May 30 (151.02) to push focus

higher.