USD/JPY: Turned at the last second

After falling from 151.9440 JPY since the end of October 2022 to a historical low of 127.2150 JPY by mid-January this year, the trend is turning and allowed initial gains to 137.9110 JPY by the beginning of this month. The last few weeks have been characterized by discounts back to the lower uptrend channel limit. There, buyers of the US dollar could make an important