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(U4) Bull Cycle Remains Intact

JGB TECHS
  • RES 3: 149.55 - High Mar 22 (cont)
  • RES 2: 147.74 - High Jan 15 and bull trigger (cont)
  • RES 1: 146.67 - High Mar 6
  • PRICE: 144.72 @ 19:10 BST Aug 26
  • SUP 1: 143.57 - Jul 17 high
  • SUP 2: 142.20/23 - Low May 30 / Low Jul 02
  • SUP 3: 140.21 - 1.236 proj of Mar 22 - Nov 1 ‘23 - Jan 15 price swing

The sharp rally in JGB futures early August confirmed a bullish reversal and in the process cleared a number of important resistance points. A continuation higher would pave the way for a climb towards 147.74, the Jan 15 high and a bull trigger. Any exhaustion of this bullish move would see momentum shift lower, initially targeting 143.57, the Jul 17 high. A move lower would likely be a correction.

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