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(Z1) Remains Above Recent Lows

JGB TECHS
  • RES 3: 152.62 - High Jul 21 and the bull trigger
  • RES 2: 151.93 - High Sep 10 / 16
  • RES 1: 151.50/68 - High Oct 15 / 200-dma
  • PRICE: 151.41 @ 17:11 GMT Nov 1
  • SUP 1: 151.07 - Low Oct 27
  • SUP 2: 150.88 - Low Apr 1 (cont)
  • SUP 3: 150.38 - Low Feb 26 (cont)

JGB futures are trading above recent lows following last week's recovery from 151.07, the Oct 27 low. Short-term strength is seen as corrective, with the outlook remaining negative and bearish trend signals still pointing south. Weakness through 151.18 has opened 150.88 and below, the Apr 1 low. For the upside argument to firm, markets need to solidify the recovery above the 151.50 level initially ahead of the 200-dma at 151.68.

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