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(M4) Remains Above Key Support

JGB TECHS
  • RES 3: 148.74 - High Jul 24
  • RES 2: 147.74 - High Jan 15 and bull trigger
  • RES 1: 145.95 - High Mar 25 1
  • PRICE: 144.21 @ 16:18 BST May 10
  • SUP 1: 143.61 - Low Apr 25
  • SUP 2: 143.44 - Low Oct 31 (cont) and the bear trigger
  • SUP 3: 141.65 - 1.00 proj of Mar 22 - Nov 1 ‘23 - Jan 15 price swing

A bear trend in JGB futures remains intact, despite a corrective bounce this week. The contract is for now trading above key support and bear trigger at 143.44, the Nov 1 low. A stronger reversal higher is required to signal the end of the recent downward phase. Key resistance is at 145.95, the Mar 28 high. A break would signal scope for a climb towards the bull trigger at 147.74, the mid-January high. On the downside, a move through 143.44 would strengthen a bearish condition.

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