AUD/JPY Technical Analysis: Buyers keep lurking around 79.00, immediate ascending trend-channel in focus

• AUD/JPY flirts with 79.00 during early Tuesday.
• Having reversed from 79.35-40 horizontal-resistance during Monday, the quote dropped to test support-line of an ascending trend-channel formation established since March 08.
• The formation support near 79.00 round-figure becomes an immediate important support for the sellers to watch as a break of which can drag the quote down to 50% Fibonacci retracement level of 78.70 whereas 78.40/35 and 78.15 likely entertaining bears afterward.
• During pair’s additional weakness under 78.15, 77.90 and 77.70 could regain market attention.
• On the contrary, 79.20 may limit nearby upside prior to shifting the focus back on 79.35/40 area comprising highs marked during recent two weeks.
• Given the pair’s ability to cross 79.40, current month high around 79.65, followed by channel-resistance of 79.80 and 80.00 mark could please buyers.

AUD/JPY hourly chart