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(U3) Bought on Dips

JGB TECHS
  • RES 3: 151.26 - High Mar 3 2022
  • RES 2: 149.75/150.81 - High Nov 11 / High Aug 5 2022
  • RES 1: 149.21/53 High May 12 / High Mar 22
  • PRICE: 147.47 @ 15:55 BST Jul 14
  • SUP 1: 147.23 - Low Jul 12
  • SUP 2: 146.11 - Low Feb 22
  • SUP 3: 144.15 - Low Jan 13

JGBs faltered Wednesday, cracking support at 147.34 to accelerate a brief move lower. Markets were content to buy on dips, helping move markets back toward flat ahead of the close. This mirrored the strength in US bond markets following the soft CPI, helping keep the upside impetus intact for now. Key resistance lies ahead at 149.21/53, highs from May and March. Clearance of these levels would highlight an important break.

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