Global Fixed Income Technical Chartbook The long-end approaches expected range resistance, but the lack of overbought conditions keeps us on the sidelines for now

Research evidence excerpt

Global Fixed Income Technical Chartbook The long-end approaches expected range resistance, but the lack of overbought conditions keeps us on the sidelines for now

J P M O R G A N Global Markets Strategy

26 June 2026

Global Fixed Income Technical

Chartbook

The long-end approaches expected range resistance,

but the lack of overbought conditions keeps us on the

sidelines for now

• The 2-year note is rallying within our anticipated trading range for the early- Technical Analysis

AC summer period, between 4.31-4.34% support and 3.985-4.025% resistance. Jason Hunter

The market retains a bearish medium-term trend bias while cheaper than that (1-212) 270-0034

resistance zone, which includes the 50-day moving average, the March 38.2% jason.x.hunter@jpmorgan.com

retracement, and the late-spring pattern breakdown. J.P. Morgan Securities LLC

• The 5-year note richens into the 4.08-4.15% resistance layer, but the lack of

overbought indicators and signs of trend exhaustion leave us hesitant to fade

the move at this point. A second zone of resistance levels rests at 4.015-4.025%.

The springtime yield rise stalled in front of the 4.38% Jan 2025 78.6%

retracement. Secondary medium-term support comes in near 4.50%.

• We are expecting the 30-year bond to build a bearish trend reversal pattern near

the 4.80-4.82% resistance zone following the three-wave rebound from the

5.15-5.20% cycle cheaps. Key short-term support rests at the 4.95-4.98% area.

Look for range trading between nearby resistance and that support through the

early-summer.

• The 2s/5s curve flattening trend shows tentative signs in the price pattern that

would imply short-term trend exhaustion near the -0.5/+2bp support

confluence. We suspect that area will keep a floor under the curve over the