JGBs are likely to lack direction Tuesday as players await the results of the U.S. Fed meeting, set to start Wednesday, as well as the ruling by Germany's Constitutional Court on the legality of the eurozone's permanent bailout fund, says Naomi Muguruma, senior fixed-income strategist at Mitsubishi UFJ Morgan Stanley Securities. However, the market could find some upside if the five-year bond auction scheduled later Tuesday attracts strong demand, she says. She tips the benchmark 10-year yield in a 0.785%-0.805% band for the session vs 0.800% at Monday's close, and lead December JGB futures in a 143.85-144.05 band vs 143.92.
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