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The dollar was firmer above ¥106 in Tokyo trading Thursday, amid a wait-and-see mood ahead of the European Central Bank’s policy-setting meeting.

At 5 p.m., the dollar stood at ¥106.06, up from ¥105.93 at the same time Wednesday. The euro was at $1.1817, up from $1.1774, and at ¥125.32, up from ¥124.72.

Carrying over its strength from overseas trading, which came on the back of rises in the U.S. and European stock markets, the dollar fluctuated around ¥106.20 in the early morning of Tokyo trading.

After climbing to around ¥106.30 at one point, supported by real demand-backed buying by import companies, the U.S. currency slipped to around ¥106 later in the morning, succumbing to selling pressure.

“The benchmark Nikkei stock average’s failure to extend gains (later in the morning) also weighed down the dollar-yen rate,” a currency broker noted.

The dollar fluctuated tightly around ¥106.10 for the majority of the afternoon, as market participants retreated to the sidelines ahead of the ECB’s monetary policy meeting later on Thursday.

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