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(U1) Needle Still Points North

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 21 and the bull trigger
  • PRICE: 152.27 @ 20:11 BST Aug 24
  • SUP 1: 151.99 - Low Aug 12
  • SUP 2: 151.49 - Low Jun 17
  • SUP 3: 150.88 - Low Apr 1

JGBs are slightly softer. The outlook remains bullish though and price has recently 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 151.99, Aug 12 low where a break would signal scope for a deeper pullback.

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