JGB futures stuck to an extremely tight........>

JGBS: JGB futures stuck to an extremely tight range in the morning session, and

went into the lunch break 4 ticks higher at 150.75, with the JPY ever so

slightly stronger, and the Nikkei 225 virtually unchanged, albeit marginally

weaker on the day.

- 20-Year paper hasn't witnessed any concession heading into today's supply,

although the outright yield level is more attractive than was the case at the

most recent 20-Year auction.

- The cash space is operating in mixed fashion, while swaps have edged tighter

in the main.

- Bears have so far failed to gain traction below futures' 200-DMA (150.72).

Bulls continue to look for a close above the 55-DMA (150.84) to shift focus to

layers of resistance at 150.95-151.06.