JGBs drew support from the modest uptick in....>

JGBS: JGBs drew support from the modest uptick in the JPY & US Tsys, with

futures last trading at 151.01 (+4 ticks).

- Cash bonds edged higher in afternoon dealing with the super-long end

outperforming, and the curve running a little flatter as a result.

- Swaps were wider in the main.

- The latest batch of Rinban operations saw the BoJ leave the sizes of the

operations in the 1-10 Year buckets unchanged. Looking at the breakdown the

offer to cover ratio of the operations covering the 1-5 Year maturities moved

higher, while the 5-10 Year bucket's offer to cover ratio held steady.

- From a technical perspective future's gains continue to define this week with

focus back on the Mar 12 high (151.06). Bears now look for a close below 150.96

to gain breathing room and below Monday's low (150.85) to confirm a move lower.

The Bollinger band top is the key concern for bulls (151.05) with potential to

limit follow through.