//www.ananova.com// The dollar/yen turned top-heavy at midafternoon after touching the 118.00 level, pressured by exporter selling, dealers said.They said overall, trading was quiet and directionless, ahead of the long weekend in the US. US markets will be closed Monday for public holiday.Dealers said the positive impact of stronger-than-expected GDP data faded in afternoon trade, amid continued uncertainty surrounding the export-led Japanese economy amid the economic slowdown of the US.
Shigetake Nakayama, vice president of forex dealing at UFJ Bank, said dollar/yen will continue to trade in a narrow range."Buying and selling of the Japanese unit crossed each other at the downside and upside of the yen. It seems like dollar/yen is now moving within a range," Nakayama said.
He said dollar/yen will likely trade in a range of 116.50-119.00 over the short term.The euro was slightly stronger against the major currencies, benefiting from the weak tone of the US unit, dealers said.
"I don't think the economy in the euro zone has particularly improved. The strength of the euro is partly because there are no major currencies investors can buy" apart from the European currency, Nakayama said."I don't think the euro now has sufficient strength to hit parity again against the dollar," he added.He said euro/dollar will move in a range of 0.9750-0.9950 over the short term.Nakayama said euro/yen is expected to move in a range of 115.50-117.50."There seems to be stop-loss selling of the yen at the 116.50 level. If the euro breaches this level, it is possible that the euro will rise further," he said.
Tokyo 2.00 pm Tokyo 9.30 am New York 2.33 pm

Dollar
yen 117.83 up from 117.82 118.10
sfr 1.4924 down from 1.4937 1.4940
Euro
usd 0.9852 up from 0.9844 0.9849
stg 0.6364 up from 0.6345 0.6357
yen 116.08 up from 115.98 116.32
sfr 1.4703 down from 1.4704 1.4713