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(M2) Approaching Key Resistance

JGB TECHS
  • RES 3: 151.13 - High Mar 3
  • RES 2: 150.44 - High Mar 14
  • RES 1: 150.14 - High Apr 1
  • PRICE: 150.05 @ 17:55 BST May 24
  • SUP 1: 148.72 - Low Mar 29
  • SUP 2: 148.75 - 3.0% Lower Bollinger Band
  • SUP 3: 148.08 - 1.0% 10-dma envelope

The primary downtrend in JGBs remains intact although a corrective cycle is still in play and the contract maintains a firmer short-term tone. Price has traded higher again and is approaching key resistance at 150.14, Apr 1 high. A break of this level would signal scope for a stronger corrective cycle and open 150.44, the Mar 14 high. A reversal lower would refocus attention on weakness towards the 149.00 handle and major support at 148.72.

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