JGB futures stuck to a tight range on..........>

JGBS: JGB futures stuck to a tight range on Friday, operating in familiar

territory sandwiched between key support and resistance levels.

- The cash curve had 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. This was

quickly reversed into the close with demand coming through, alongside broader

risk off flows.

- 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.