TOKYO (AFX-ASIA) - The yen continued to be easier against the dollar in midafternoon trade, on lingering fears of intervention at around the 120.00 level, dealers said. They said euro-long, yen-short position adjustment following a surprise 50 basis point rate cut by the European Central Bank will continue for the time being, even though it has slightly eased ahead of the weekend. "It seems like euro-long yen-short adjustments have been eased today ahead of the weekend. But in the mid-and long-term, this position adjustment will be continued," Hiroyuki Kinoshita, deputy manager of forex trading group at Aozora Bank said. He added that investors ignored today's year to March GDP downward revision released this morning, as currently the market is driven by a technical factor. "Currently, the forex market is not moving on leads of individual nations, but simple position adjustments," he said. The Cabinet Office downgraded the year to March 2002 GDP forecast to a 0.9 pct fall from a 1.7 pct rise. Kinoshita said the downside of the euro will be supported against the yen, despite continued position adjustment, adding that the euro/yen will move in the range of 106.00-108.00 level for the next one week. "If you consider Japan's economic fundamentals, as well as intervention concerns, I don't think the euro is facing a further sharp downside risk against the yen," Kinoshita said. Kinoshita said some market participants expect that the Japanese authorities will step into the market at around the 120.00 dollar/yen level. "I don't think this concern will be lifted within this year," he said, adding that the dollar/yen will move in the range of 119.50-121.50 level for the next one week.