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(M4) Fades Fast on Hot US CPI

JGB TECHS
  • RES 3: 149.53 - High Mar 22 (cont) and a key resistance
  • RES 2: 148.74 - High Jul 24 (cont)
  • RES 1: 147.74 - High Jan 15 and bull trigger
  • PRICE: 144.85 @ 16:22 BST Apr 10
  • SUP 1: 144.60 - Low Dec 08 and 11 (cont)
  • SUP 2: 143.44 - Low Oct 31 (cont)
  • SUP 3: 143.29 - 2.618 proj of the Mar 22 - Apr 18 - May 12 swing

A solid post-US CPI sell-off resulted in a new pullback low of 144.82 in JGBs. A stronger reversal higher is required to signal the end of the recent corrective phase. The bull trigger has been defined at 147.74, the mid-January high. A break would resume the uptrend. Moving average studies remain in a bull-mode set-up, highlighting an uptrend. For bears, a resumption of weakness would potentially open the 144.60 support.

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