US 10YR FUTURE TECHS: (Z5) Corrective Pullback Still In Play

• RES 4: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
• RES 3: 151.21 High Mar 28 
• RES 2: 150.92 High Aug 1 and a key resistance 
• RES 1: 148.52 High Aug 12 
• PRICE: 147.06 @ 16:18 BST Aug 20
• SUP 1: 146.21 Low Aug 14
• SUP 2: 145.86 Low Jul 24
• SUP 3: 145.47 100-dma
• SUP 4: 145.40 50% retracement of the Apr - Aug Upleg

USDJPY remains in consolidation mode. A bearish threat is present as the pair trades closer to its recent lows. Sights are on support at 145.86, the Jul 24 low. Clearance of this level would highlight a stronger S/T reversal and strengthen the bearish engulfing signal on Aug 1. This would open 144.69, a trendline drawn from the Apr 22 low. Initial firm resistance to watch is 148.52, the Aug 12 high. A breach of it would be viewed as a bull signal.

Slightly hawkish minutes (pre-NFP) sees support in Tsys gradually cooling.

• Tsy Sep 10Y contract trades at 111-28 (+3.5) vs. 112-00.5 high, 10Y yield rises to 4.2887%.
• Initial technical support well below at 111-11 (50-day EMA); resistance above at 112-15.5 (High Aug 5 and the bull trigger).
• Curves mixed: 2s10s -1.100 at 54.510, 5s30s +.806 at 109.048.

• -5,000 WNU5 117.5 puts 30 vs. 117-16/0.50%
• vs. +5,000 WNV5 116/119 put over risk reversal, 10 net vs. 117-08/0.75% at 1355:39ET