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(U3) Bought on Dips

  • 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: 148.21 @ 16:09 BST Jul 24
  • SUP 1: 147.13 - Low Jul 17
  • SUP 2: 146.11 - Low Feb 22
  • SUP 3: 144.15 - Low Jan 13

JGBs rallied sharply into the Friday close following a series of dovish BoJ source reports. This reaffirms the buy-on-dips theme in markets at present. Moves continue to mirror near-term 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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