JGB futures softened in afternoon.......>

JGB SUMMARY: JGB futures softened in afternoon dealing after the offer to cover

ratio in the 10-25 Year bucket of the latest BoJ Rinban ops edged ever so

slightly higher, with futures last a tick higher at 150.86.

- Shorter dated paper underperformed in front of tomorrow's 2-Year supply, while

super-long paper was a little more resilient than the rest of the curve heading

in to FY end.

- Future's recovery from the 200-DMA is now in a little trouble with the failure

around 151.06 leaving it looking a little heavy. Bears need a close below 150.82

to shift focus back to layers of support between 150.55 & 73 where the 55, 100 &

200-DMAs are located. Bulls now need a close above 151.06 to reconfirm initial

focus on 151.13-19 where the Bollinger top, 2018 high and Nov monthly high are

located.