Why is coral sea is so important?

The battle of the Coral sea was fought during 4 to 8 of May, year 1942. It was a battle between the imperial Japanese navy versus the joint forces of the U.S.A and Australia. The two major significance from this battle are, First it is the first victory of the Americans and their allies in the Pacific war, Second it caused the Japanese to slow down in their attempt of cutting Australia off from allied shipping.