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JGBS AUCTION

Japanese MOF sells Y2.7563tn 6-Month Bills:

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(Z0) Bearish Tone Intact

US 5YR FUTURE TECHS
  • RES 4: 125-31 High Oct 15 and a key near-term resistance
  • RES 3: 125-29+ High Nov 5 and the bull trigger
  • RES 2: 125-24 High Nov 9
  • RES 1: 125-126 High Nov 10
  • PRICE: 125-056 @ 11:23 GMT Nov 11
  • SUP 1: 125-04+ 1.50 proj of Aug 4 - 28 sell-off from Sep 3 high
  • SUP 2: 125-016 1.618 proj of Aug 4 - 28 sell-off from Sep 3 high
  • SUP 3: 125-00 Round number support
  • SUP 4: 124-302 1.764 proj of Aug 4 - 28 sell-off from Sep 3 high

5yr futures sold off sharply mONDAY. The break lower resulted in a move through key support at 125-122, Nov 4 low and negated the Nov 4 reversal signal - a bullish engulfing candle. The break lower instead confirms a resumption of the downtrend that has been in place since early August and maintains the bearish price sequence of lower lows and lower highs. The focus is on 125-04+ next, a Fibonacci projection. Resistance is at 125-126.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com
MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com

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