Australian & NZ dlrs near multi-month lows vs yen, focus on RBA

* RBA set to keep rates steady, attention on easing bias and A$

* Aussie off 2-week peak vs USD

* Antipodeans near multi-month lows vs yen on risk aversion

By Gyles Beckford and Cecile Lefort

SYDNEY/WELLINGTON, Feb 4 (Reuters) - The Australian and New Zealand dollars were nursing heavy losses against the yen on Tuesday after riskier assets were dumped, with investors bracing for the Reserve Bank of Australia's (RBA) first policy statement of the year.

The Antipodeans were pinned near multi-month lows against a resurgent yen after a selloff in equities forced investors to cover bearish positions in the low-yielding currency.

The Aussie held at 88.40 yen AUDJPY= , having fallen one percent on Monday to 88.18, a level not seen since early September. Likewise, the kiwi sat just above a near three-month low at 81.52 yen NZDJPY= .

Heightened risk aversion kept the Aussie AUD=D4 pinned at $0.8740, from a two-week peak of $0.8834 struck overnight. Much of the drop followed disappointing U.S. manufacturing data which in turn weighed on equities. ECONUS

A break of solid support around $0.8730-40 could target last week's low of $0.8678, while stiff resistance was found at $0.8800.

All eyes are now on the RBA's first policy meeting of the year at 0330 GMT. While no move in the cash rate is expected, there is some risk of the central bank delivering a warning note on inflation following a surprising jump last quarter.

This may lead the central bank to ratchet back the rhetorical campaign for a weaker local currency, since the decline has been adding to inflationary pressures. AU/INT

In its December statement it said the Aussie was "uncomfortably high", and the market could react if that phrase is dropped or tempered in any way.

Any warning on inflation would also stoke speculation the central bank will drop its easing bias, possibly in its quarterly statement on monetary policy due on Friday.

Financial markets are still pricing in around a one-in-three chance of another rate cut in coming months, though a majority of analysts expect rates to be on hold this year. CSSY

AURATE1

The New Zealand dollar was on the backfoot at $0.8062, having hit a five-month low of $0.8052 NZD=D4 in the more risk averse climate, as it awaited labour market data on Wednesday.

Fourth-quarter wages and jobs numbers are expected to show about 10,000 jobs were added, pulling the jobless rate down to 6 percent. ECONNZ

"The release of a strong New Zealand labour market report tomorrow, and a solid US payrolls report at week end would be the likely catalysts to see the New Zealand dollar end the week higher within its $0.8100-0.8400 range," said BNZ strategist Kimberley Martin.

She said the biggest downside risk was a further deterioration in emerging markets, although a lot of negative sentiment looked to be already priced in.

Near term support for the kiwi is seen around $0.8035, with $0.8138 holding the top side.

The flow of domestic data remained bright with the ANZ Bank's commodity price index for January rising 1.2 percent to a record high, driven by dairy and forestry price rises.

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New Zealand government bonds 0#NZTSY= rose, sending yields 3.5 basis points lower along the curve.

Tracking U.S. Treasuries, Australian government bond futures rose with the three-year bond contract YTTc1 up 4 ticks at 97.170. The 10-year contract YTCc1 added 5 ticks to 96.115, having climbed a three-month high of 96.135.

The three-year cash yield dipped below a key chart barrier of 2.8 percent for the first time since early September.

(Editing by Shri Navaratnam)

((Cecile.Lefort@thomsonreuters.com)(+61 2 9373-1234)(Reuters Messaging: cecile.lefort.thomsonreuters@reuters.net))

Keywords: MARKETS AUSTRALIA/FOREX