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(M3) Corrective Cycle Still In Play

JGB TECHS
  • RES 3: 151.26 - High Mar 3 2022
  • RES 2: 149.75/150.81 - High Nov 11 / High Aug 5 2022
  • RES 1: 149.53 High Mar 22
  • PRICE: 147.76 @ 14:53 BST Apr 12
  • SUP 1: 145.80/144.73 - Low Mar 13 / Low Feb 13
  • SUP 2: 144.15 - Low Jan 13
  • SUP 3: 143.68 - 3.0% 10-dma envelope

JGBs traded slightly higher through European and US hours, to remain clear of recent lows. The latest pullback appears to be a correction. Attention is on the 20-day EMA that intersects at 147.62 - it has been pierced. A clear break of the average would signal scope for a deeper retracement and open 145.80, the Mar 13 low. Attention remains on 149.53, the Mar 22 and the bull trigger. A break of this level would confirm a resumption of the uptrend.

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