[IMAGE] Forums Discuss these points in the Forums:  Forexnews Forum       Technicals Live Charts Analysis available from: Cornelius Luca   J.P. Chorek   Technical Research Ltd.   Charts & News featuring Standard & Poor's       Interest Rates   US: Japan: Eurozone: UK: Switzerland:   1.75%  0.15%  3.25%  4.0%  1.25-2.25%       [IMAGE] 	 [IMAGE]  Japanese Forex Trading Preview  February 3, 7:00 PM: EUR/$..0.8620 $/JPY..132.90 GBP/$..1.4147 $/CHF..1.7131  Japanese Forex Trading Preview by Darko Pavlovic  No key data.   The dollar is trading around 133 yen after pulling back from three-year highs on Friday comments from Japanese FinMin Shiokawa that the yen fall was  too rapid . Markets  were also surprised after MoF chief diplomat Kuroda reversed himself that he saw no risk of further yen fall and warned that Japanese currency decline last week had been excessive. Many analysts believe that the government could overturn its laissez faire approach toward weak yen as foreign investors continue to flee from Japan and under more pressure from Asian neighbors, which could depreciate their own currencies. Also, dealers are more cautious ahead of G-7 meeting this week in Toronto. On Friday Nikkei fell to a 4-month low of 9791, below the DJIA's level for the first time in over 40 years..The yen benefited last week by S&P's assurance that it did not plan to downgrade Japanese debt any further for the time being. Finance Minister Shiokawa expressed on Sunday hope that the economic growth rate would pull out of negative territory to zero by this autumn, now that the economy including its exports are improving. The government will try to reach 1.5% growth in fiscal 2003 by forging ahead with structurally reforming the economy. Prime Minister Koizumi will ask top bureaucrats on Monday to cut uncertain ties with politicians in relation to recent problems involving the Foreign Ministry. New Foreign Minister Kawaguchi and U.S. Secretary of State Powell on Sunday agreed in a phone conversation to advance relations between Japan and the United States, ahead of U.S. President George W. Bush's visit to Japan this month. Support is viewed at 132.60 and 132.40. Resistance is seen at 135.05, 135.25 and 136.0.   EUR/USD is trading round 86.20 boosted by Friday's release of the Eurozone PMI, which exceeded forecasts by rising for the third straight month to 46.2 in January from the previous 44.1. Even though the PMI remained in contraction territory for the tenth month, markets were optimistic about the Eurozone's prospects for a turnaround.   However, Euroarea inflation jumped to 2.5% y/y in January from the previous 2.1%, thereby dampening expectations for an ECB rate cut next week. The aforementioned data, along with the euro's plunge to a 6-month low of 85.64 in European trading, led 41 out of 45 economists in a recent Reuters poll to predict that the European Central Bank will leave rates unchanged at 3.25%. Upside capped at 86.60, 87.0 and 87.50. Support holds at 85.55-- the 71.8% Fibonacci retracement of the move from 82.25 to 95.95, backed by 85.0.  Looking forward to this week, key US economic releases include factory orders, ISM (formerly NAPM) Non-manufacturing PMI, Q4 productivity, jobless claims, consumer credit and wholesale trade. From the Eurozone, major indicators consist of Euroarea business and consumer confidence survey, PPI, Services PMI, German Services PMI, French Services PMI, Italian Services PMI, unemployment, French INSEE industry survey, Spanish industrial production, German unemployment, ECB rate decision, German manufacturing orders, German industrial production and Dutch CPI. Highlights from Japan are the trade balance, indices of business conditions, ESRI Tokyo consumer sentiment, money supply, wholesale prices and machinery orders.    	[IMAGE] Audio Mkt. Analysis Yen Bounces Up, Euro Drifts       Articles & Ideas  Dollar Does Davos In New York   USD/JPY: ONeill, Koizumi and January Effect       Articles & Ideas Forex Glossary   Economic Indicators   Forex Guides   Link Library      [IMAGE] 	
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