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The dollar struggled for direction around ¥104.50 in Tokyo trading Wednesday, sandwiched between buying on real demand and selling ahead of Thanksgiving Day in the United States.

At 5 p.m., the dollar stood at ¥104.47-47, up slightly from ¥104.45-46 at the same time Tuesday. The euro was at $1.1906-1906, up from $1.1848-1848, and at ¥124.38-39, up from ¥123.76-76.

After rising close to ¥104.60 around midmorning thanks to buying by Japanese importers for settlement purposes, the dollar pared gains “as profit-taking and position-squaring selling took the upper hand ahead of the U.S. market closure on Thursday,” according to an official at a foreign exchange margin trading service provider.

The dollar weakened to levels a little lower than ¥104.50 in the early afternoon, as the Nikkei stock average lost steam and U.S. long-term interest rates and stock index futures fell in off-hours trading.

But the greenback saw selling recede later, amid a growing wait-and-see mood before the release of U.S. economic indicators.

The Tokyo Metropolitan Government’s move to restrict business activities to prevent the coronavirus’ further spread has started chilling investor sentiment, a currency broker said.

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