AUD/JPY Technical Analysis: 79.85 continues to be a tough nut to crack

• AUD/JPY is on rounds near 79.20 close to European open on Thursday.
• The pair is gradually recovering since February 08 but is still trading beneath the 79.80-85 horizontal-resistance that confined its upside during Feb 05 and 21.
• As a result, the pair needs to surpass 79.85 barrier in order to justify its strength toward targeting 61.8% Fibonacci expansion (FE) of its early January to February moves, near 81.00.
• Though, 79.55 may offer immediate stop during the pair’s upside.
• On the downside, an upward sloping trend-line portraying the pair’s recent recovery, at 78.65, can limit the pair’s near-term declines, a break of which can drag it to 78.30 and 78.00 rest-points.
• It should also be noted that the pair’s downturn past-78.00 may avail 77.40 and 77.00 as follow-on supports.

AUD/JPY 4-Hour chart