LONDON (AFX) - Major currencies settled into narrow ranges against each other in subdued midday trade after this morning's Japanese intervention to weaken the yen, dealers said. The intervention helped stabilise the dollar which may also benefit from the raft of US data scheduled for release this afternoon, they added. "There is not much going on and activity has quietened down," Jane Foley, currency strategist at Barclays Capital said. The Japanese must have ploughed in a "fairly substantial amount" for the yen to have moved back by so much. It is becoming quite clear that they want to draw a line in the sand, she added. Japanese Finance Minister, Masajuro Shiokawa confirmed the intervention, saying that "recent movements in the foreign exchange market have been too rapid." He cautioned that Japanese authorities are closely monitoring the market and will take appropriate action as necessary. Intervention was at about 123 yen, following which dollar-yen reached 124 levels. The afternoon's US data may be the next lead for the market. The market is rather optimistic, especially about the University of Michigan May consumer sentiment barometer. Economists forecast that the University of Michigan's final consumer sentiment index reading for May rose to 95.8, against an initial estimate of 96.0. However, the dollar will be vulnerable to any disappointment, dealers said. Sterling was weaker against the euro but still short of last year's low of 0.6445 which is also the technical resistance level, Foley at Barclays said.