USD/JPY has been consolidating since it tagged 110.50. As we can see in the 1H chart, there seems to be a bit of "congestion" with lower highs and higher lows. USD/JPY 1H Chart 5/27(click to enlarge)At 8:30AM ET, we will see Preliminary GDP data for the first quarter. The advanced reading already showed 0.5% growth. The consensus is an upward revision to about 0.8%. If this revision occurs, we might see USD/JPY supported. What I am interested in seeing is whether USD/JPY will indeed hold above 109.40. I think if the GDP is not revised up, we might see the pair fall below 109.40. A break below that opens up further bearish correction against the early May rally. It would also suggest continuation of the bearish trend coming into May as seen in the daily chart.USD/JPY Daily Chart 5/27(click to enlarge)To the downside, we should at least look towards the 107.70-108 support pivot area as the first target with 105.50-106 as the second. However, if price can hold above 109.40 after today's session, there should be upside towards the 110.90-111 support/pivot area going into next week.