There has been a decent bid in JGBs from the...>

JGBS: There has been a decent bid in JGBs from the off, with little in the way

of catalysts observed, they are perhaps playing a bit of catch up to the move in

Tsys overnight, while the lack of adjustment in the BoJ's latest Rinban auction

& the results of yesterday's 30-Year supply also augur well for bulls.

- The cash curve sits a touch flatter on the session.

- The JGB future has established support at 150.06, opening the way for a

near-term corrective rebound within the overall bearish structure. The contract

has moved above 150.17, which gives potential for recovery to extend towards

150.24 and 150.27, which represents a 50% retracement of the recent sharp

decline. Failure below retains the overall bearish technical picture.