{"id":132070,"date":"2018-08-17T10:12:47","date_gmt":"2018-08-17T14:12:47","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=132070"},"modified":"2018-08-17T06:13:56","modified_gmt":"2018-08-17T10:13:56","slug":"nikkei-technical-analysis-weaker-japanese-data-bearish-for-nikkei-2","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/08\/nikkei-technical-analysis-weaker-japanese-data-bearish-for-nikkei-2\/","title":{"rendered":"NIKKEI: Technical Analysis – Weaker Japanese data bearish for NIKKEI"},"content":{"rendered":"
August 17, 2018<\/div>
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By IFCMarkets<\/a><\/p>\n

Weaker Japanese data bearish for NIKKEI<\/strong><\/p>\n

Japanese export declined while imports rose in July. Will the NIKKEI<\/a> continue declining?<\/p><\/blockquote>\n

Recent Japanese economic data were positive after the Bank of Japan June meeting. Japan\u2019s economy resumed growing in the April-June quarter after 0.9% over year contraction in the first three months of 2018. Q2 GDP grew at 1.9% annualized rate. The biggest contributor to the GDP growth was the 0.7% increase in private consumption, which accounts for nearly 60% of Japan\u2019s GDP. However on Wednesday Japan\u2019s finance ministry reported a bigger than expected trade deficit in July. The trade deficit of Y231 billion ($2.08 billion) in July after Y721 billion surplus in June was mainly due to drop in car exports to the US and increase in imports of crude oil and medical supplies. The deficit was much bigger than an expected Y50 billion gap, mostly the result of 5% over year drop in Japan’s exports to the US. Weaker economic data are bearish for NIKKEI.<\/p>\n

\"NIKKEI\"<\/p>\n

On the daily timeframe the NIKKEI: D1<\/b> is below the 50-day moving average MA(50) which has leveled off. And the price is testing the support line.<\/p>\n