ForexLive European Morning Wrap: Yen Firms Again and Metals Continue to Melt

The forex trading headlines from the European morning session Gold and Silver both fall heavily again after brief rally Japanese industrial output feb  +0.6% vs -0.1% prev Japanese capacity utilization index feb +0.7% vs +1.7% prev Nikkei closes 1.55% lower at 13.276.66 Kuroda says Japan needs support of financial sector on monetary policy French fin min expects increased tax burden to cut deficit in 2014 Greek fin min agrees bail-out review deal with Troika Eurozone trade balance feb EUR+10.4 bln vs +3 bln exp vs -4.7 bln prev A strange morning full of expectation after a lively Asian session but for the most part it's been a bore with the main focus being the continuing melt down of metals, the lower oil price and the knock-on effect on the commodity currencies.  Gold has fallen to USD1386 and Silver to USD 22.97 AUD and CAD have both weakened in the session to 1.0395 and 1.0226  and are both lower against the yen which, with USDJPY having gapped lower on the NZ opening only to rebound higher by 100 ticks, has seen some JPY firming again throughout the morning. USDJPY has been down to 97.70 with AUDJPY falling to 101.61 and NZDJPY to 82.73. EURJPY has revisited 127.65 putting a cap on EURUSD which has enjoyed good support above strong buying interest at 1.3050m so for the most of the morning we've been in a 20 tick range. Similarly cable wanted come lower but ran into a buying interest at 1.5300  around the 200 dma. The pair has rallied since only to find sellers between 1.5340-50 and traded in a 1.5320-40 range since. EURGBP has gone nowhere fast around 0.8530.