Treasury futures maintain a bearish tone and the latest bounce is for now, considered corrective. Support at 110-01+, 76.4% of the Apr 11 - May 1 bull leg, has been cleared. The breach exposes a key support at 109-08, the Apr 24 low and a bear trigger. Key near-term resistance has been defined at 111-22, the May 7 high. A move above this level is required to signal a potential reversal. First resistance is at 110-27, the 20-day EMA.
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President Donald Trump posts on Truth Social: "Japan is coming in today to negotiate Tariffs, the cost of military support, and “TRADE FAIRNESS.” I will attend the meeting, along with Treasury & Commerce Secretaries. Hopefully something can be worked out which is good (GREAT!) for Japan and the USA!". As the first country to come to the US for negotiations following the suspension of 'reciprocal' tariffs, the meeting will be watched closely not just in Tokyo, but in the capitals of other US allies for signs of how the Trump administration will treat its friends when it comes to trade talks.
Treasury futures have traded higher so far this week. The climb has resulted in a breach of both the 20- and 50-day EMAs. For now, the latest bounce is considered corrective and the contract is retracing the steep sell-off between Apr 7 - 11. The next resistance to watch is 111-25, 50.0% of the Apr 7 - 11 bear leg. A resumption of weakness would refocus attention on 109-08, the Apr 11 low. A break of this level would resume the downtrend.