TOKYO (AFX-ASIA) - The dollar was rangebound in midafternoon trading, with the downside continuing to be supported by concerns over possible intervention by Japanese monetary authorities, dealers said. The dollar also found some support against the yen after the soft performance of the Japanese currency against the euro, they said. Hachijuni Bank dealer Naoya Kozu said that the dollar may be pushed back to below the 124 yen level, the same level which induced intervention by the Bank of Japan recently, if the yen holds on to the key support line of 117.00 against the euro. "Japanese exporters are waiting to place relatively large euro sell orders if the currency approaches this level," he said. While the yen's weakness against the euro and intervention fears are supporting the dollar's downside, the US unit may not be able to sustain a rebound against the yen, unless doubts over the future course of the US economy and markets are fully removed, dealers said. In addition, concerns over fresh terrorist attacks and rising tensions in the Middle East are expected to continue to dampen sentiment towards the dollar, they added. "If there was no intervention, the dollar would have already remained stable below the the 124 yen level," Kozu said. The euro was top-heavy against the dollar due to a lack of follow-through buying, together with uncertainty over the foreign exchange stance of the European Central Bank, dealers said. "But, since the euro has already reclaimed its post-Sept-11 high, the unit is expected to continue to trend higher against the dollar," Kozu said. "The market is now looking at the 94 cent level as the next target."