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(Z0): Week's Rally Counters Bearish Outlook

JGB TECHS
  • RES 3: 153.06 - High Mar 31 and key resistance (cont)
  • RES 2: 152.55 - High Aug 5 (cont)
  • RES 1: 152.41 - 200-dma (cont)
  • PRICE: 151.68 @ 16:09 BST, Sep 4
  • SUP 1: 151.30 - Low Aug 28 (cont)
  • SUP 2: 151.26 - Jun 8 low (cont)
  • SUP 3: 150.61 - Low Mar 19 and key support (cont)

JGBs extended the range lower last week, inching down to 151.30 on Abe's resignation before swiftly reversing. This reversal gathered pace this week and has countered the previously slightly bearish theme and opens a move on the 200-dma as first resistance. A break and close above here would open the 153.00 handle and levels not seen since March.

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