AUD/JPY Technical Analysis: 79.50 acts as immediate upside barrier ahead of BoJ

• 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.

AUD/JPY 4-Hour chart