AUD/JPY fails to maintain steady correction, resumes selling pressure into 81.00

• The AUD/JPY can't seem to catch a break, and rounds of buying are short-lived.
• The Yen remains the market safe haven of choice, pushing the AUD into the basement.

The Aussie is struggling to regain ground against the Yen, and the pair is slipping lower into 81.10 heading into European markets.

The AUD/JPY pair took a beating on Tuesday as risk appetite soured, and the Aussie staged a bounce at the end of the day but it was short-lived, and selling pressure is returning to keep the AUD down.

With little macro data on the docket this week, and a protracted trading week on the cards with Easter holidays approaching, the pair is going to be falling victim to swings in overall market sentiment. Ongoing fears about potential trade wars and potential for US inflation continue to rear their heads, and the Asia sessions continue to be plagued by the ongoing Japanese land sale scandal that sees the Prime Minister Shinzo Abe and Finance Minister Taro Aso facing allegations of cronyism after documents were found to be altered by the Finance Ministry.

AUD/JPY Levels to watch

As risk appetite continues to get sucked out of the market and the Aussie falls as the weakest of the bunch, support is holding thin at the last swing low near 80.85 with little other support except for Friday's low at 80.50, while resistance is piling up from yesterday's high of 81.87 and last week's peak near 82.40.