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(Z3) Trend Needle Continues To Point South

JGB TECHS
  • RES 3: 148.74 - High Jul 24
  • RES 2: 147.21 - High Aug 9
  • RES 1: 146.41 - High Sep 4
  • PRICE: 145.37 @ 16:11 BST Oct 16
  • SUP 1: 144.15 - Low Jan 13 and a major support
  • SUP 2: 143.95 - 2.00 proj of the Sep 8 - 12 - 15 price swing
  • SUP 3: 143.29 - 2.618 proj of the Mar 22 - Apr 18 - May 12 swing

JGBs sold off sharply in recent weeks, putting the contract through support at 145.49, the Aug 17 low. A continuation lower and the clear break of this area confirms a resumption of the medium-term downtrend and paves the way for weakness towards 144.15, the Jan 13 low and a major support. On the upside, clearance of 146.41, the Sep 4 high would instead highlight a base and a possible short-term reversal.

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

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