JGB futures (JBU5) are sharply stronger at 139.30, +48 compared to settlement levels, but well off session bests (138.80).
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EURUSD maintains a softer tone and the pair traded sharply lower Monday. Recent weakness appears corrective and key trend signals remain bullish. Note that a key support at the 50-day EMA, at 1.10786, remains intact. A clean break of this average would undermine the uptrend. A key resistance to watch is 1.1381, the May 2 - 6 high. Clearance of this level would signal the end of the correction.
A short-term bearish theme in Bund futures remains intact. The contract has traded through support at the 50-day EMA, at 130.53. This signals scope for a deeper retracement and this week’s extension strengthens the current bearish threat. A continuation lower opens 129.28, a Fibonacci retracement. It is still possible that the move down since Apr 22 is a correction. Initial resistance to watch is 130.72, the 20-day EMA.
JGB futures are stronger, +7 compared to the settlement levels, after dealing in a relatively narrow range in today’s Tokyo session.