The dollar fluctuated tightly around ¥107.70 in Tokyo trading Friday as fresh trading incentives eluded.

At 5 p.m., the dollar stood at ¥107.69-69, up marginally from ¥107.63-63 at the same time Thursday. The euro was at $1.0740-0741, down from $1.0795-0795, and at ¥115.66-68, down from ¥116.18-19.

After rising above ¥107.70 in the morning, supported by real demand-backed buying, the dollar moved within a narrow range around ¥107.60-70 for the majority of the day.

Noting that the number of novel coronavirus cases in the world neither surged nor plunged, an official at an asset management firm said, “The dollar-yen rate is in deadlock as there are no trading incentives that decide its direction.”

Meanwhile, an official at a Japanese bank pointed to the absence of active market players with monetary policy meetings coming up at the Bank of Japan, the U.S. Federal Reserve and the European Central Bank next week.