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(Z18) US Bond Rally Underpins *RES 3:.....>

JGB TECHS
JGB TECHS: (Z18) US Bond Rally Underpins
*RES 3: 150.58 - High Aug 22
*RES 2: 150.45 - 50-DMA (Continuation chart)
*RES 1: 150.32 - Downtrend beginning July
*PRICE: 150.19 @ 15:23 GMT, Oct 11
*SUP 1: 149.75 - Spike Low Aug 2
*SUP 2: 149.65 - Spike Low Jul 7, 17 (Continuation chart)
*SUP 3: 149.38 - Spike Low Dec 2, 16 (Continuation chart)
Prices returned to last week's best levels, underpinned by the late rally in US
bonds across the curve. 149.95 remains the base for JGB futures for now, which
continues to provide some modest support. Thursday price action once again stuck
to the tight trading range and the failure to break higher keeps the balance in
favour of the bears. A break below 149.95 would open the Aug 2 spike low at
149.75 and 149.65 below there. To inspire a recovery, bulls need a break above
150.32. Absent a break higher, the short/medium/long-term trends all remain
negative.

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