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(U1) Fades Off 2021 Highs

JGB TECHS
  • RES 3: 153.20 - 50% Mar'20 - Feb'21 Decline
  • RES 2: 153.02 - High Apr 28 2020
  • RES 1: 152.62 - High Jul 20
  • PRICE: 152.13 @ 18:26 BST Aug 08
  • SUP 1: 151.47 - 38.2% Feb - Jun Rally
  • SUP 2: 150.88 - Low Apr 1
  • SUP 3: 150.19 - Low Feb 26

The near-term uptrend has faded slightly, with prices topping out at the recent high of 152.62. The medium-term outlook is more positive after prices topped key resistance at the 152.53 Fib retracement (38.2% of the 2020 - 2021 sell-off). This strengthens the bullish outlook and shifts the near-term target higher, to the 153.02 high printed in late April last year. The 50.0% retracement is at 153.20. Initial support is seen at 151.47, a retracement where a break would strengthen a bearish case and signal a top.

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