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Subdued Trading in Tokyo Morning Trade, US Holiday

JGBS

JGB futures are sitting around the overnight closing level seen ahead of the weekend, +4 versus settlement levels, after failing to hold early strength in Tokyo morning trade. With the Asian calendar light today and cash US tsys closed for the Juneteenth holiday, today’s domestic session could see subdued trading.

  • According to the MNI technicals team, JGBs continue to operate above support at 147.34, the May 26 low. The contract pierced 148.41, the May 12 high, on Friday. A clear break would strengthen a bullish case and signal scope for a climb towards the next key resistance at 149.21/53, this year's highs from May and March. Clearance of these levels would highlight an important break. To the downside, a breach of 147.34 would signal a stronger reversal and open 146.11, the Feb 22 low.
  • The local calendar is thin with only Tokyo Condominiums For Sale later today as the only release.
  • Cash JGBs are flat to 0.9bp richer across the curve with the 10-year benchmark leading. The 10-year yield is at 0.404%, below the BoJ's YCC limit of 0.50%. The 5-year benchmark is 0.5bp lower at 0.076%, ahead of supply later in the week.
  • Swap spreads are wider across the curve.
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