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JGB TECHS: (U4) Bounce Holds

JGB TECHS
  • RES 3: 148.74 - High Jul 24 (cont)
  • RES 2: 147.74 - High Jan 15 and bull trigger (cont)  
  • RES 1: 144.88/145.95 - High May 8 / High Mar 25
  • PRICE: 143.00 @ 16:38 BST Jul 31
  • SUP 1: 142.23 - Low Jul 02
  • SUP 2: 141.57 - 1.0% 10-dma envelope
  • SUP 3: 140.21 - 1.236 proj of Mar 22 - Nov 1 ‘23 - Jan 15 price swing    

JGB futures underwent volatile trade Wednesday on the back of the BoJ decision, but recouped lost ground ahead of the Fed. The price action across Thursday & Friday last week snaps the losing streak off the mid-July highs and eyes the 50-dma resistance above at 143.07. Clearance here would shift the near-term outlook more positive, and eye 143.57 as the next key level. Last week’s lows of 142.42 mark first support. 

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