TOKYO (AFX-ASIA) - The yen was firmer against the dollar in midafternoon trade, gaining from exporter buying, dealers said. Dealers added that overall trading was directionless, ahead of the ECB policy board meeting later today, with the majority of market participants currently expecting a 25 basis points rate cut. Deputy manager of the forex trading group at Aozora Bank, Hiroyoshi Kinoshita said that continued falls on the local equity market did not have a major impact on the forex market. "The majority of investors expected the fall of the Nikkei 225 to below 11,000 points to happen sooner or later. There is no surprise in the forex market," he said. Konoshita said investors will start eyeing US non-farm payroll data expected to be released next Friday after the US holiday on Monday, adding that the dollar/yen will continue to move in a tight range next week. "I think the current weak dollar against the yen will continue," he said, but added that the dollar will be supported at around the 118.30 level due to intervention concerns. "The market is pretty nervous about intervention. Even though the dollar fell to around the 118.30 level, I don't think it will continue to fall to 117.00," he said. The euro was rangebound ahead of the ECB policy board meeting later today, dealers said. Konoshita said that if the ECB decides to cut its rate by 25 basis points, impact on the forex market will be limited. "I expect the ECB to cut its rate at least 25 basis points," he said, adding that there is still a possibility of a 50 basis points rate cut. "If the ECB decides to cut the rate by 50 basis points, the euro will rise actively. It may test the 0.9200 level," he said. He added that if the ECB holds its rate unchanged, the euro will encounter selling pressure, with the possibility of a fall to 0.9000 against the dollar.