JGB futures last trade 2 ticks lower at........>

JGBS: JGB futures last trade 2 ticks lower at 150.84, back from worst levels but

still lower on the day.

- Long end swap paying weighed on the space, but the downtick in USDJPY during

Asia-Pacific hours, coupled with a smoother than expected 2-Year JGB auction

helped put a bottom on futures.

- The curve was generally steeper, although it was the 3-Year space that

underperformed in cash dealing.

- It is also worth noting that 3-Month TIBOR fixed higher for the first time in

two months as it jumped 1.7bp on the last day of the Japanese FY.

- Future's failure around 151.06 leaves the space looking a little heavy. Bears

need a close below 150.82 to shift focus back to layers of support 150.55-73

where 55, 100 & 200-DMAs are located. Bulls now need a close above 151.06 to

reconfirm initial focus on 151.12-19 where the Bollinger top, 2018 high and Nov

monthly high are located.