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(U0): Likely To Remain Under Pressure

JGB TECHS
  • RES 3: 153.06 - High Mar 31 and key resistance
  • RES 2: 152.55 - High Aug 5
  • RES 1: 152.52 - 200-dma
  • PRICE: 151.94 @ 18:53 BST, Aug 20
  • SUP 1: 151.60/57 - Low Aug 14 / Low Jul 2 and key support
  • SUP 2: 151.26 - Jun 8 low
  • SUP 3: 150.61 - Low Mar 19 and key support

JGBs are holding onto recent gains following the recovery off 151.60, Aug 14 low. The outlook though remains bearish following the move lower between Aug 5 and Aug 14. A break below 151.60 would trigger a stronger round of weakness and expose 151.57, Jul 2 low and 151.18, the Jun 8 low. On the upside, gains above the 200-dma is needed to open the 153.00 handle and levels not seen since March.

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