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The space ground higher in afternoon....>

JGB SUMMARY
JGB SUMMARY: The space ground higher in afternoon dealing, with 10-Year futures
last up 5 ticks at 150.83, with cash yielding 0.055bp (-0.01).
- The long end had underperformed in the AM session, but managed to post gains
through the afternoon session after the latest 20-Year JGB auction passed
without a hitch, as the cover ratio ticked higher.
- From a technical perspective the fresh 2018 highs see bulls gaining confidence
and they are currently focused on 150.90-151.02 where the daily bear channel top
is noted. A close above 151.02 is now needed to shift focus to 151.19-37.
Momentum divergence is seen as a concern for bulls. In saying that, bears need a
close below 150.71 to gain breathing room and return initial focus to 150.47-51.
Below 150.36 is needed to shift focus back to 150.09 2018 lows.
- On Friday focus will fall on Japan's CPI data & the BoJ's Rinban operations.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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