What is the current trend for USD/JPY?

The current trend for USD/JPY is one of potential consolidation with a slight lean towards the Japanese Yen. Here's an analysis based on recent data and market sentiment:

1. **Recent Price Movement**: As of the latest data, USD/JPY was at 144.17, with a mild bearish momentum but signs of moderation in the decline indicated by the Relative Strength Index (RSI). This suggests that while there is some downward pressure, it may not be strong enough to indicate a major trend reversal.
2. **Support and Resistance Levels**: Support for the pair is seen at 143.10 and 142.50, while resistance is capped near 144.40/50 and 146.40, with a significant resistance zone at 147.15 (38.2% fibo retracement of 2025 high to low). These levels will be crucial in determining the direction of the pair.
3. **Market Sentiment and Economic Indicators**: The Bank of Japan (BoJ) maintains a dovish stance, with underlying inflation below 2% and the need for more data on wage gains and tariff effects before considering policy tightening. This accommodative policy stance could weigh on the Yen in the short term but may also limit the downside for USD/JPY.
4. **Technical Analysis**: Both OCBC and Societe Generale suggest that a break below key support levels could open the way to deeper losses, with potential targets at 140 and even 136.50 if 142.10/141.50 is decisively breached. However, the overall sentiment remains cautious, with a lack of clear direction indicated by the crisscrossing of momentum indicators.
5. **Recent News and Events**: The impact of Japanese inflation figures and the geopolitical uncertainty surrounding US President Trump's trade policies have been neutralizing factors, limiting deeper losses for the Yen but have not provided a strong upward catalyst for the pair either.

In conclusion, while there are signs of potential downward movement, the current trend for USD/JPY is one of consolidation rather than a clear bearish or bullish direction. The pair is likely to continue trading in a range, with key support and resistance levels playing a crucial role in determining short-term movements.