TOKYO (AFX-ASIA) - Major currencies were little changed in midafternoon Tokyo as investors were reluctant to take any fresh positions ahead of the Federal Open Market Committee meeting scheduled for later today, dealers said. Dealers said that the majority of market participants are currently expecting a 25 basis points rate cut today, with some players hoping for a 50 basis points cut. Daiwa Bank customer dealer Nobuki Kawashima said that he expects that the dollar would fall against the yen if the FOMC decided to cut its rate by 25 basis points. "If the FOMC decides to cut 50 basis points, I expect the dollar will rise against the yen. But, if the rate cut is only 25 basis points, I think the dollar will be sold against the yen as a 25 basis point rate cut is widely expected," he said. However, he added that the dollar's downside will be supported firmly at around the 119.50 level against the yen on intervention concerns. "Market participants are still cautions about intervention. They want to see if the Japanese authorities will continue to intervene," after closing the September account, he said. Kawashima said that, despite a series of recent interventions by Japanese authorities, dollar-weak sentiment against the yen has not been changed. "The dollar was also firm against the yen after stronger-than-expected NAPM data overnight. But, non-farm payroll data is still to come. Dollar-weak sentiment against the yen has not yet been changed," he said, adding that the dollar/yen will move in the range of 116.50-121.00 against the yen in short-term. US non-farm payroll data is expected to be out on Friday. Kawashima added that the dollar will also encounter selling pressure against the yen if the US takes retaliatory action against Afghanistan. "Investors are worrying that any war will be a long-term one," he added.