AUD/JPY Technical Analysis: Soft China CPI highlights 78.00 horizontal support

• The AUD/JPY trades negative around 78.20 on early Friday.
• The pair dropped to the low of 78.08 after China registered lesser than forecast CPI YoY to 1.7% from 1.9%.
• With this, horizontal line connecting early week highs to late-January lows, around 78.00, becomes crucial for sellers to watch as a break of which can drag the quote to month’s low near 77.40.
• However, another horizontal-support adjacent to 77.00 round-figure could limit the pair’s declines past-77.40, if not then 76.00 and 75.25 may come back on the chart.
• Meanwhile, 78.50 and 79.00 can act as immediate resistances for the pair ahead of diverting market attention to 79.25.
• During the additional upside beyond 79.25, month’s high near 79.80 and 80.00 mark could become buyers’ favorites.

AUD/JPY 4-hour chart