The U.S. dollar is expected to be firm against the yen in Tokyo in the coming week as the Bank of Japan is likely to continue supporting the U.S. currency through market intervention.
Many dealers and market watchers said they expect the dollar to trade between 118.50 yen and 121.50 yen. It traded between 117.11 yen and 119.78 yen in Tokyo in the past week. The Tokyo market was closed on Monday for a national holiday.
"The BOJ will keep on stepping into the market, making players cautious about selling the dollar," said Masahiro Ishikawa, a currency analyst at Bank One in Tokyo.
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