August 20, 2024 22:45 GMT
JGB TECHS: (U4) Bull Cycle Remains In Play
JGB TECHS
- RES 3: 149.55 - High Mar 22 (cont)
- RES 2: 147.74 - High Jan 15 and bull trigger (cont)
- RES 1: 146.67 - High Mar 6
- PRICE: 144.92 @ 16:18 BST Aug 20
- SUP 1: 143.57/143.21 - Jul 17 high / 1.0% 10-dma envelope
- SUP 2: 142.20/23 - Low May 30 / Low Jul 02
- SUP 3: 140.21 - 1.236 proj of Mar 22 - Nov 1 ‘23 - Jan 15 price swing
The sharp rally in JGB futures earlier this month has confirmed a bullish reversal and in the process cleared a number of important resistance points. A continuation higher would pave the way for a climb towards 147.74, the Jan 15 high and a bull trigger. Any exhaustion of this bullish move would see momentum shift lower, initially targeting 143.57, the Jul 17 high. A move lower would likely be a correction.
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