The dollar-yen rate was trading in the mid-157 yen range in late afternoon Tokyo, firmer than late New York levels the previous day. After the previous day's sharp drop, the pair found support in the low-155 yen area, confirming strong demand for dollars on dips. From early morning through late morning, it rose to the upper-157 yen range, but lingering caution over additional intervention by authorities capped the upside in the afternoon. On the charts, resistance is seen around 157.80 yen, the starting point of the previous day's plunge, and near 158 yen, where the 200-day moving average sits. Some in the market say the 157 yen level is an ideal buying opportunity for domestic real-demand players, and that without further intervention, the dollar is likely to grind higher. The assumed exchange rate in the Bank of Japan's June Tankan survey was 152.57 yen to the dollar. Shogo Kariya, strategist at Minato Bank, noted that if the yen strengthens significantly below that level, it could put downward pressure on corporate earnings and the Japanese economy, and said it is unlikely authorities would let the market fall far below that level through intervention.