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(Z2) Corrective Pullback Steadies

JGB TECHS
  • RES 3: 152.26 - High Dec 7 / 21 2021
  • RES 2: 151.94 - 1.0% 10-dma envelope
  • RES 1: 150.81/151.13 - High Aug 5 / High Mar 3
  • PRICE: 148.72 @ 16:04 BST Sep 13
  • SUP 1: 148.11 - Low Sep 7
  • SUP 2: 147.07 - Low Jun 20
  • SUP 3: 145.05 - Low Jun 16 and a key support

JGBs faded off the highs post-CPI, keeping prices off the first resistance at the well-defined parameter of 150.81 to the upside. 147.07 remains support on any protracted move lower. The more medium-term trend remains bullish and pullbacks at this stage likely are corrective in nature. More near-term support to watch is at 148.11, Sep 7 low. A break would threaten the bull theme.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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