TOKYO (AFX-ASIA) - The dollar was higher against the yen in afternoon trade on the back of a delayed reaction to the stronger-than-expected U.S. economic data released last night, dealers said. The Conference Board's consumer confidence index rose to 117.9 in June from 116.1 in May, increasing for the second consecutive month, durable goods orders were up 2.9 pct in May after a 5.5 pct fall in April and May new home sales were up 0.8 pct from April. In addition, traders said, the solid performance of the Nasdaq 100 futures on the Globex market also supported the dollar, underpinning hopes U.S. tech stocks will extend yesterday's gains. The Nasadaq 100 futures was quoted at around 1,761.0, compared with the Nasdaq 100 index's close at 1,751.4 overnight. The market, however, stopped short of testing the psychologically important 125 yen level ahead of the U.S. FOMC meeting outcome, dealers said. "If a 50 basis point rate cut is offered, then the market may view it as a sign the U.S. Fed has strong concerns about the state of the U.S. economy," Shinsei Bank foreign exchange manager Masanori Hirabayashi said. "Therefore, the dollar may slip into a correction, although any fall would stop short of the 120 yen level." Meantime, the euro was little changed against the dollar. "The euro, if a 25 basis point rate cut is approved by the U.S. FOMC, may face some profit-taking from those investors who recently bought up the European currency in the hope of a 50 basis point rate cut," Shinsei's Hirabayashi said. "But, if a 50 basis point cut is decided upon, the euro may further extend its gains, although it will not be able to regain the 0.88 usd level on this factor alone."