CURRENCY FUTURES CLIMB LIKELY TO BE CHECKED The surge in currency futures since Friday on the heels of the Reagan administration's proposed tariffs on Japanese imports is likely to be curtailed in the coming week, financial analysts said. "The market is taking a breather now, and I would expect it to last a little longer," said Craig Sloane, a currency analyst with Smith Barney, Harris, Upham and Co. Profit-taking, which robbed the currency futures of some momentum today, is likely to continue, he said. Central banks are likely to play a role in halting the advance in currencies through intervention, the analysts said, even though the dollar fell to a 40-year low against the Japanese yen on Monday despite Bank of Japan intervention. Treasury Secretary James Baker's comments that the G-6 nations remain committed to the Paris accord, coupled with his refusal to give any targets for exchange rates, provided a note of stability to the market Tuesday, the analysts said. Furthermore, Merrill Lynch Economics analyst David Horner said G-6 central banks haven't yet shown the full force of their commitment to the Paris accord. "I'm among those who believe the G-6 have a plan behind the scenes," Horner said. Horner said more forceful central bank intervention will firm the dollar and cap the rise in currency futures. "Coordinated, punishing intervention" by the central banks -- in contrast to the recent rolling intervention which has only smoothed out the market -- is in the offing, according to Horner. "I think we're near the top of the range in the Europeans (currencies)," he said. On the other hand, the upside target for the yen, which set a new contract high today at 0.006916 in the June contract, is at 0.007050, Horner said. Still, other analysts believe currency futures have yet to peak. "The basic trend in the currencies is higher," said Anne Parker Mills, currency analyst with Shearson Lehman Brothers Inc. "The market wants to take the dollar lower." Uncertainty over central bank action and nervousness over a G-5 meeting next week in advance of a meeting of the International Monetary Fund could make for choppy price activity the remainder of the week, Mills said. In addition, although the market shrugged off relatively healthy gains in February U.S. leading economic indicators and factory orders Tuesday, economic data could play a larger role in coming sessions, the analysts said. Friday's employment statistics in particular will be closely watched, Sloane said, adding that a forecast rise of 250,000 in non-farm payroll jobs should underpin the dollar.