FxWirePro: AUD/JPY struggles at 21-DMA 79.59, buy breakout above

• AUD/JPY has broken major trendline resistance at 79.25, and edged higher to test session highs at 79.60.
   
• Pair struggling to extend gains further, 21-DMA at 79.59 is capping upside. Break above needed for further upside.
   
• On the flipside, close below 79.25 could see downside upto 78.40 (trendline).
   
• Upbeat sentiment around the Asian equity markets and talks of possible delay in sales tax hike weighing on the Yen.
   
• Data released earlier today showed Aussie home sales dropped to from 8.9% to -4.7% in April. AUD/JPY unlikely to find much support.
   
• Technically, intraday charts support upside, RSI and Stochs have a slight upside bias.
   
• Next major support and resistance for the pair are seen at 79.27 (5-DMA) and 79.96 (May 20th highs) respectively.
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Recommendation: Buy breakout above 79.60, SL: 79.25, TP: 79.95/90/80.45