USD/JPY achieved our next target at the ‘neckline’ to the October/November 2022 top at 145.00/12. With trend channel resistance from last December seen here also at 145.17, we continue to look for a fresh cap here for a consolidation phase. Big picture though we look for 145.12/17 to be conclusively cleared in due course with resistance then seen next at 146.66 and with the ‘measured base objective’ at 148.57.

Support is seen at 142.22/12 initially, below which can ease the immediate upside bias for a pullback to the 13-day exponential average and price support at 143.30/20, but with this ideally holding on a closing basis.