The Japanese Yen has dropped versus its major currencies, while it declined sharply against the US dollar after the first quarter GDP that showed a third contraction in a decade, confirming that the economy is in recession.

The USD/JPY pair rose sharply, recorded the highest level at 80.04 and the lowest level at 79.82, while the momentum indicator show the pair in an oversold area, supporting the pair to continues its upside movement.