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[IMAGE] Forums Discuss these points in the Forums: Forexnews Forum T= echnicals 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] =09 [IMAGE] December 26, 8:30 AM: EU= R/$..0.8795 $/JPY..130.87 GBP/$..1.4417 $/CHF..1.6840 by Ashraf Laidi US= Trading Preview: USDJPY Nears 131 Despite Comments The dollar is once ag= ain probing near its recent 38-month high of 131 yen despite comments from = Japanese officials drawing calling against rapid declines in their currency= . MoF's top diplomat Mizoguchi said: It is not good for daily market moves= to be too large . These comments were also echoed by Takashi Imai, the hea= d of Keidanren, Japan's leading business lobby. Although Mr. Imai expressed= cautiousness with the pace of the decline, he described the 130 yen point = as a level at which: both the U.S. and Japan can accept without having to = intervene. But the most abrupt comment on the soaring exchange rate came f= rom Mizoguchi's predecessor Eisuke Sakakibara who said that: it's realisti= c to think the (dollar) could go to Y140 or Y150 (next) summer," given Japa= n's sever economic conditions. The yen first broke the 130 level in early M= onday trading in Japan after the BoJ downgraded the nation's economic asses= sment for the seventh consecutive month. USD/JPY is looking increasingly = toppish at 130.88 followed by 131 and 131.20-25. A break 131.75 faces key p= ressure at 132. Support escalates to 130.50, backed by 130.20 and 129.75. = On Tuesday, the BoJ published the minutes of last month's meeting in which= its voted 8-1 to maintain monetary policy unchanged. The record showed the= majority of board members were in agreement that the Bank did not need to = buy foreign bonds as a means to shore up liquidity. But several members di= d express the need to reconsider the Bank's liquidity provisions including = diversifying into the purchase of foreign bonds as a possible measure in th= e future. It was last week, when the BoJ announced raising its reserve ta= rget at commercial banks to 14 trillion yen from over 6 trillion yen and bo= osted monthly purchases of Japanese Government Bonds to 800 billion yen fro= m 600 billion yen. On the data front, Japan's corporate services prices we= re reported to have fallen 0.1% in the month ending in November and 1.2% on= a y/y basis. In the Wednesday session, the Nikkei posted its 4ths conse= cutive daily decline, losing 62 pts to close 10192, its lowest level since = November 1st. EUR/USD nears its session lows of 8767, further retreating = from the 88.20 cent-high in Asian trading. Initial support stands at 8725, = which is the 61.8% Retracement of the move from 9350 to 8350. A break unde= r 87 cents faces key support at 86.50 cents, which rests in the support lin= e of the downward channel extending from 8950 to 8735.Upside capped at 8820= followed by 8875. There are no major economic releases due in the US tod= ay. NASDAQ futures are up 3 pts, Dow futures are down 27 pts. =09[IMAGE]= Audio Mkt. Analysis USDJPY Breaks Above 129 Articles & Ideas 2002: = Euro Deja Vu? USD/JPY: The Return of Dollar Rhetoric? Articles & Id= eas Forex Glossary Economic Indicators Forex Guides Link Library = [IMAGE] =09 =09=09[IMAGE][IMAGE] [IMAGE][IMAGE]=09 =09=09 This e-mail is never sent unsolicited. If you wish to unsubscribe f= rom this or any other Forexnews.com newsletters, please click here . =09
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