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(U3) Bought-on-Dips Theme Fades

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: 146.35 @ 15:30 BST Aug 17
  • SUP 1: 146.23 - Low Aug 03
  • SUP 2: 146.11 - Low Feb 22
  • SUP 3: 144.15 - Low Jan 13

JGBs started the week on the backfoot and prices deteriorated further on the back of a poor JGB auction. This saw prices take out scant support at 146.50 to slip to 146.26 and just above the Aug 3 low. For now, the bear trigger at the 146.11 low on the continuation contract is yet to be tested, with downside momentum likely to pick up on any break of that mark. The previous buy-on-dips theme has faded, but any return higher would target the May 12 high of 149.21. Clearance of these levels would highlight an important break.

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