Forex Market Driven by USDJPY Decline

The foreign exchange market is being driven by a sharp decline in USDJPY, which has led to a decrease in the Dollar Index while other currencies rise against the US dollar.

As a result, the euro may test the level of 1.17, with EURINR potentially reaching 112.50 and USDCNY testing 6.70.

The Aussie and Pound are also looking bullish for the near term, while USDINR rose to close above 94.80 yesterday and could push towards 95.00-95.25 before pausing for a reversal.