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JGB TECHS: (Z4) Bullish Theme Remains Intact

JGB TECHS
Fixed Income Technical AnalysisAPACJapanBulletGlobalFixed Income BulletsRegionMarkets
  • RES 3: 149.55 - High Mar 22 (cont)
  • RES 2: 147.74 - High Jan 15 and bull trigger (cont)  
  • RES 1: 146.53 - High Aug 6 
  • PRICE: 144.93 @ 15:45 BST Oct 02
  • SUP 1: 143.57 - Jul 17 high
  • SUP 2: 142.23 - Low Jul 02
  • SUP 3: 140.21 - 1.236 proj of Mar 22 - Nov 1 ‘23 - Jan 15 price swing    

The bullish outlook for JGBs was dealt a blow last Friday as Ishiba was confirmed as LDP leader and de facto Japanese Prime Minister. As a result, JGBs slipped sharply to pullback lows of 144.480 - however the low is still clear of next support at 143.57. Additionally, moving average studies on the continuation chart are in a bull-mode position, highlighting a clear uptrend. A continuation higher would open 146.53, the Aug 6 high(cont) and a bull trigger. 

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  • RES 3: 149.55 - High Mar 22 (cont)
  • RES 2: 147.74 - High Jan 15 and bull trigger (cont)  
  • RES 1: 146.53 - High Aug 6 
  • PRICE: 144.93 @ 15:45 BST Oct 02
  • SUP 1: 143.57 - Jul 17 high
  • SUP 2: 142.23 - Low Jul 02
  • SUP 3: 140.21 - 1.236 proj of Mar 22 - Nov 1 ‘23 - Jan 15 price swing    

The bullish outlook for JGBs was dealt a blow last Friday as Ishiba was confirmed as LDP leader and de facto Japanese Prime Minister. As a result, JGBs slipped sharply to pullback lows of 144.480 - however the low is still clear of next support at 143.57. Additionally, moving average studies on the continuation chart are in a bull-mode position, highlighting a clear uptrend. A continuation higher would open 146.53, the Aug 6 high(cont) and a bull trigger.