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(M2) Short-Term Gains Confirmed Corrective

JGB TECHS
  • RES 3: 152.62 - High Jul 21 and the bull trigger
  • RES 2: 152.26 - High Dec 06 and 21 (cont)
  • RES 1: 151.26 - High Mar 4 (cont)
  • PRICE: 150.12 @ 17:01 GMT Mar 18
  • SUP 1: 149.80 - Low Feb 17 (cont)
  • SUP 2: 149.65 - 61.8% Fib 2015 - 2020 Rally
  • SUP 3: 149.37 - 0.5% 10-dma envelope

The downtrend in JGBs remains intact and prices have returned lower. Recent lows reinforce a bearish theme and saw former support at the mid-January lows give way, opening levels not seen since mid-2018. Prices showed below the 150.00 handle, signalling scope for losses toward the key Fib of 149.65. For markets to stabilize, prices need to regroup toward the 151 handle, and show above 151.09.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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