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

JGB TECHS
JGB TECHS: (M9) Respects Recent Range
*RES 3: 154.01 - 28 July 2016 High
*RES 2: 153.80 - 29 August 2016 High
*RES 1: 153.34 - Mar28 High
*PRICE: 153.19 @ 15:53 GMT, Mar28
*SUP 1: 152.76 - 50-DMA
*SUP 2: 152.41 - 6 March Low
*SUP 3: 152.18 - 100-DMA
The pullback in global bond markets failed to extend to Tokyo, where JGB futures
printed fresh cycle highs at 153.34 before fading. This continues to highlight
that price action holds in favour of the bulls, keeping the 29 August 2016 high
at 153.80 in sight. Nonetheless, bears could easily re-tip the balance to the
downside by breaking through the 50-dma support at 152.76. 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 152.18.

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