FxWirePro: USD/JPY spike continues unabated, breaks past 200W MA to refresh 9-month high above 109 handle

USD/JPY chart - Trading View 

USD/JPY spirals higher for the 5th straight session, hits fresh 9-month high above 109 handle.

The pair continues unabated grind higher, breaks past stiff resistance at 200W MA.

Japanese yen shows weakness after Q4 GDP data showed that the economy shrank over the full year, its first contraction since 2009. 

Japan's final Q4 GDP fell +2.8% Quarter-on-Quarter, revised lower from the preliminary reading of  +3.0%. The reading compared to 5.3% in the prior quarter.

Elsewhere, Japan January household spending fell at fastest month-on-month pace since October 2019.

US 10-year Treasury yields snap four-day losing streak. While S&P 500 Futures add over half a percent.

USD/JPY if off intraday highs, but remains bullish despite overbought conditions. Pullbacks are likely to be shallow. 

Bulls target 76.4% Fib at 109.56 ahead of 109.85 (June 5th high). Failure to hold above 200W MA dents upside potential.