USD/JPY falls back below 103.00 after disappointing US GDP

USD/JPY decline gathered pace, with the pair falling back below the 103 mark, after data showed US GDP grew at a much slower pace than expected during the second quarter.

US gross domestic product grew at a seasonally adjusted annual rate of 1.2% in the second quarter well below expectations of a 2.6% advance.

USD/JPY lost around half a cent following data and approached the 2-week low of 102.69 scored on the back of BoJ decision. At time of writing, USD/JPY is trading at 102.90, down 2.24% on the day.

USD/JPY levels to watch

In terms of technical levels, next supports are seen at 102.69 (Jul 29 low), 102.44 (Jul 12 low) and 102.00 (psychological level). On the other hand, resistances line up at  104.19 (20-day SMA), 105.55 (Jul 29 high/50-day SMA) and 105.89 (Jul 26 high).