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

JGBS: JGB futures stuck to a tight range on Wednesday, with traders having
little to go off.
- Cash bonds also struggled for direction, hovering around unchanged levels in
the morning session, before yields edged modestly higher in the afternoon.
- The enhanced liquidity auction for JGBs with 5-15.5 Years until maturity was
well received, as the bid to cover ratio moved higher.
- Focus today turns to BOJ Rinban operations covering the 5-25+ Year sectors.
- Bulls have so far failed to take out the 151.02 resistance in futures, which
is needed to add support to the case for a test of the 151.13-19 resistance
region. Daily studies correcting from modestly overbought levels weighed in past
weeks. Bears now need a close below the 55-DMA (150.85) to gain breathing room
and below 150.80 to shift initial focus to 150.71-74 where the 200-DMA is
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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