AUD/JPY continuing to drag into the 82.00 major handle

• The AUD fades against the Yen once more, drifting lower.
• Chinesse PMI figures could buck the Asia session.

The Aussie is trading into recent lows against the Yen, testing into the 82.00 handle in the early Asia session as confidence in the AUD continues to shake out amid a dovish Reserve Bank of Australia (RBA) and middling macro data for Australia.

The RBA threaded right down the middle of the line yesterday at their rate statement that saw the central bank stand pat on interest rates for the 19th straight interest rate decision. Wednesday sees little in the way of macro figures for Australia, but China's Caixin Manufacturing PMI at 01:45 GMT could move associated Asia markets (like the AUD) if the figure beats the expected contraction from 51.0 to 50.9, whereas a clean miss for the figure will see further depreciation in the Aussie.

AUD/JPY Levels to watch

The Aussie is struggling to develop momentum across the broader market, and the pair has been drifting off of April's highs at 84.07, and the current short side target of the 50.0 Fibo level at the 82.00 major handle, is being challenged in the near-term, with the ultimate target being a continuation of the major bear trend into March's low of 80.50, while a bullish continuation will have to mount the 50-day SMA at the 83.00 handle.