TOKYO (AFX-ASIA) - The euro/dollar consolidated in a technically driven pull-back from levels close to parity reached overnight, with some funds shifting to the yen, despite continued intervention threats, dealers said. "The move is technical, rather than fundamental, ahead of parity," Hideki Naito, managing analyst at Standard & Poor's MMS, said. The euro hit a high of 99.52 cents in offshore trading last night. "We almost reached parity so there's only so much to go," Naito said. Short-term speculators have shifted attention to the yen, which has underperformed the euro's sharp rise against the dollar due to the threat of intervention by the Bank of Japan, he added. "There are some flows from the euro into the yen ... and also (Finance Minister Masajuro) Shiokawa's comments, mentioning a particular level of 115 yen, were in line with the market view," he said. However, the threat of action in the market by Japanese authorities maintained the dollar's downside against the yen. "That's why this morning the majority of traders are cautious," Naito said. Intervention by the BoJ will be more effective if long-yen positions build up, though at present these remain modest, while the bank may also try to defend technical support just below 118 yen, he said. "Even if the BoJ stepped in the market, it would only lift the dollar by about 50 points. Everyone's waiting for the intervention," Naito said, adding that speculative accounts are also likely to unwind positions for the holidays. "Maybe spec traders want to close out positions ahead of the summer vacation. They would prefer to reduce outstanding positions," he said.