{"id":138785,"date":"2018-12-12T11:15:59","date_gmt":"2018-12-12T16:15:59","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=138785"},"modified":"2018-12-12T11:01:41","modified_gmt":"2018-12-12T16:01:41","slug":"wti-jpy-crude-japanese-yen-analysis-japans-gdp-fell-according-to-results-of-3rd-quarter","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/12\/wti-jpy-crude-japanese-yen-analysis-japans-gdp-fell-according-to-results-of-3rd-quarter\/","title":{"rendered":"WTI\/JPY Crude Japanese Yen Analysis: Japan’s GDP fell according to results of 3rd quarter"},"content":{"rendered":"
December 12, 2018<\/div>
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By IFCMarkets<\/a><\/strong><\/p>\n

Japan’s GDP fell according to results of the 3rd quarter<\/strong><\/p>\n

In this review, we suggest considering the personal composite instrument (PCI) &WTI\/JPY. It reflects the price dynamics of the portfolio of futures on WTI oil against the Japanese yen. Will the WTI\/JPY<\/a> rise?<\/p><\/blockquote>\n

Such dynamics means the weakening of the yen and strengthening of oil. The United Auto Workers union has asked the US government to impose import duties on Japanese cars. Theoretically, President Donald Trump may take measures to reduce the trade surplus in favor of Japan, estimated at $ 69 billion per year. Earlier, he raised duties on Chinese goods in order to reduce the trade surplus in favor of China. An additional negative factor for the yen may be weak macroeconomic data. The decrease in Japan\u2019s GDP in the 3rd quarter of 2018 was minus 2.5%, and it has been the maximum since the 2nd quarter of 2014. Oil prices may rise due to the decision of OPEC and non-OPEC producers to reduce oil production by 1.2 million barrels per day from January 1, 2019. In addition, according to the report by the Libyan National Oil Company, Libya may reduce oil production by 388 thousand barrels per day because of the actions of rebels in the El Sharara and El Feel fields.<\/p>\n

\"WTI\/JPY\"<\/p>\n

On the daily timeframe, WTI\/JPY: D1<\/b> in a downtrend. It has approached its resistance line. A number of technical analysis indicators formed buy signals. The resistance line of the downtrend must be breached up before opening a buy position. The further price increase is possible in case of the publication of negative macroeconomic statistics in Japan and a reduction in world oil production.<\/p>\n