TOKYO (AFX-ASIA) - The dollar was top-heavy against the yen in midafternoon trade, pressured by some profit-taking following a sharp rise seen earlier today, dealers said. During today's trade the yen fell to 129.56, the second lowest level since Oct 7, 1998, when it fell to 130.76, they said. A dealer with a Japanese bank said he expects the dollar to rise to the 130.00 yen level soon, possibly within the next week. "Currently, investors can sell the Japanese unit without worrying anything, as they see that Japanese authorities are tolerant of a falling yen," he said. He said market participants believe that the Japanese authorities have come to accept a dollar/yen level of 140.00. "Under these circumstances, I think the yen will continue to fall," he said, adding that dollar/yen will move in a range of 128.00-132.00 in the next week. Dealers added that today's sharp rise of the dollar was also supported by short-covering and a weak performance by the local equity market. He said investors did not pay much attention to the crisis in Argentina as it has already been factored in. "Investors are currently looking more at negative leads from Japan," he said. The dealer said euro/yen will move in a range of 118.00-120.00 in the next week. "The euro has already breached the 115.00 level against the yen. I think the euro will continue to be solid against the yen," he said.