(M9) Respects Recent Range *RES 3:........>

JGB TECHS: (M9) Respects Recent Range

*RES 3: 154.01 - 28 July 2016 High

*RES 2: 153.80 - 29 August 2016 High

*RES 1: 153.22 - Mar26 High

*PRICE: 153.10 @ 16:17 GMT, Mar 27

*SUP 1: 152.74 - 50-DMA

*SUP 2: 152.41 - 6 March Low

*SUP 3: 152.15 - 100-DMA

JGB futures continue to trade either side of 153.00 handle, benefiting from

spillover buying courtesy of still-falling US Treasury yields and a dovish turn

from the RBNZ. A recovery above the 153.22 mark provides markets with a

relatively clear run on August 2016 highs at 153.80. Nonetheless, bears could

easily re-tip the balance to the downside by breaking through the 50-dma support

at 152.74. This increases the importance of this support going forward. Below

there, the 23.6% retracement level at 152.23 remains in view, with the 100-dma

just below at 152.15.