Global Fixed Income Technical Update

Research evidence excerpt

Global Fixed Income Technical Update

J P M O R G A N Global Markets Strategy

24 July 2026

Global Fixed Income Technical

Update

DM bonds are testing some key support levels, but we

do not see any clear signs of seller exhaustion just yet

Technical Strategy

Jason Hunter AC

(1-212) 270-0034

jason.x.hunter@jpmorgan.com

J.P. Morgan Securities LLC

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• The 2-year note backup tested the 4.31-4.345% support layer that we thought

would cap the summer trading range. We still think that will be the case, but

with geopolitics and energy markets in part driving the last move, it makes for

a low conviction setup to fade the weakness at this point. We will watch for a

bullish reversal pattern to set up over the near-term

• The 5-year note released through May-Jul range support and tested the 4.48-

4.53% support confluence. The market lacks extreme oversold conditions or

anything that looks like a bullish reversal pattern at this point. Look for a