The dollar has moved within a narrow range in recent days, with the results of the general election going largely unheeded.

The dollar shot up early last month on a bout of buying but soon slid back and has since traded between 104 yen and 107 yen.

There is speculation that the yen will gain ground against the dollar amid growing expectations of economic recovery in Japan. Also working in the yen's favor are expectations of an imminent end to the Bank of Japan's ultraeasy money policy and signs of weakness in the U.S. economy.