Benchmark JGBs tick up ahead of U.S. presidential election

* Ten-year JGB futures rise in light trade

* Superlongs underperform, with 20- and 30-yr yields up 0.5 bp

TOKYO, Nov 5 (Reuters) - Benchmark Japanese government bonds inched up on Monday ahead of a tightly-fought U.S. presidential election on Tuesday and a vote in the Greek parliament over a new austerity package later in the week.

The 10-year yield dipped 0.5 basis point to 0.770 p ercent.

Ten-year JGB futures rose 12 ticks to 144.18, breaking above their 20-day moving average at 144.16, with volume hitting their lowest in four months at 11,992 contracts.

``If (Barack) Obama wins (the U.S. election), then the risk market would be modestly sold off. U.S. Treasury yields, and accordingly JGB yields, may face bullish pressure,'' said Yuya Yamashita, rates strategist at J.P. Morgan.

``If (Republican candidate Mitt) Romney wins, the risk market would show a good performance. Our U.S. strategist expects under the Romney victory scenario, 10-year U.S. Treasuries would rise to 2 percent. Then JGBs would come under bearish pressure.''

Apart from the U.S. election, investors were also cautious ahead of the Greek parliament vote on more austerity measures expected on Wednesday.

Greek Prime Minister Antonis Samaras' package of 13.5 billion euros ($17.3 billion) in cost cuts and tax hikes will be presented to the parliament on Monday.

The five-year yield slipped 0.5 basis point to 0.195 p ercent, but yields on both l ong-dated 20-year and 30-year debt edged 0.5 basis point higher, t o 1.685 and 1.945 percent, respectively.

A fund manager at a European asset management firm in Tokyo said he still liked betting on the spread of the 10- and 20-year bonds to narrow as it looked attractive. The spread between the maturities stood at 91.5 basis points.

Barclays, meanwhile, said the benchmark 10-year yield was unlikely to rise above 0.80 percent due to the weak global economic outlook, even though U.S. jobs data for October came in better than expected.

``Although U.S. employment data beat expectations, U.S. yields ended largely flat on the day. The global economic cycle likely bottomed around September, but in the absence of demand-driving sectors, the pace of recovery is likely to be modest,'' Barclays said in a note.

``The duration of monetary accommodation in major economies has yet to be influenced substantially by fundamentals. Indeed, if the U.S. presidential election gives rise to negative views in risk asset markets linked to the U.S. fiscal cliff and financial regulation, long-term yields could even come under downward pressure.''