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(Z3) Bear Cycle Remains In Play

JGB TECHS
  • RES 3: 148.74 - High Jul 24
  • RES 2: 147.21 - High Aug 9
  • RES 1: 146.41 - High Sep 4
  • PRICE: 145.43 @ 20:28 BST Sep 20
  • SUP 1: 145.38 - Low Sep 12
  • SUP 2: 144.29 - 1.0% 10-dma envelope
  • SUP 3: 144.15 - Low Jan 13 and a major support

JGBs sold off sharply on Sep 11 and the contract has since traded through support at 145.49, the Aug 17 low. A continuation lower and a clear break of this area would confirm a resumption of the medium-term downtrend and pave the way for weakness towards 144.39, the lower band of a MA envelope study. On the upside, clearance of 146.41, the Sep 4 high would instead highlight a base and a possible short-term reversal.

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