Japanese naval forces were on the move southward..

By this time reports gathered by Australian and American Intelligence made a definite pattern. Japanese naval forces were on the move southward, Japanese aircraft concentrated in New Britain were ready to support this movement. But, from the Allied point of view, the destructive results of the aircraft attacks on the Japanese ships were disappointing. On the morning of the 7th May each force knew where the other was. Other than the Shoho no Japanese ships were sunk although a number, including the other two carriers, were damaged. The Americans lost the Lexington, the destroyer Sims and the Neosho, and the Yorktown was badly damaged. Despite this the Japanese turned and went back the way they had come, postponing their attempt to take Port Moresby, where from 6th May until the 9th the garrison had been anxiously awaiting heavy bombing attacks followed by the landing of Japanese troops from transports and possibly the descent of paratroops, as on Timor ten weeks earlier.
However, not only did the Battle of the Coral Sea stave off attack on Port Moresby (and air attacks on the Australian north-east coast, for both the Shokaku and Zuikaku had been detailed to press on to Townsville and destroy there the assemblage of Allied shipping and aircraft), but it helped to dislocate a wider and more ambitious plan. The army staff were opposed to an invasion of Australia which they said would require ten divisions or more. Both army and navy confirmed a plan formulated in February to take Port Moresby, and isolate Australia by occupying Fiji, Samoa and New Caledonia. The seizure of Port Moresby was to be followed by that of Midway Island in order to force a decisive engagement with the American fleet.