AUD/JPY trades near 78.20 ahead of the Bank of Japan’s (BoJ) monetary policy meeting on early Friday.
The quote recently confirmed inverse head and shoulders bullish formation by clearing 79.00 on hourly chart and is presently rising toward three-week-old descending trend-line, at 79.50.
Should prices manage to cross 79.50 immediate upside barrier, February month highs near 79.80/85 could act as buffers prior to highlighting 80.00 round-figure.
Also, 61.8% Fibonacci expansion (FE) of its early January – March moves, around 80.60, may gain buyers’ attention post-80.00.
Alternatively, pair’s dip beneath 79.00 can take rest on a weeklong upward sloping support-line at 78.60, a break of which may extend the pullback to 78.30 and 78.00.
However, an ascending trend-line stretched since January 07 can challenge sellers around 77.70, if not then 77.00 can come back on the chart.