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Dollar Index Falls Amid Possible Bank of Japan Intervention

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USD JPY AUD
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The dollar index fell in tandem with the decline of USDJPY due to possible intervention from the Bank of Japan. This has led to a short-term rally in major currencies against the US Dollar.

The euro could trade within the range of $1.1550-$1.1650, while the Australian dollar is expected to rise towards 0.73. The Indian rupee strengthened in the offshore market after the RBI stated $127 million FCNR deposits, which may lead to further Rupee strength.

The Chinese yuan can strengthen towards $6.70, with the USDJPY and EURJPY looking bearish towards 158-156 and 184 respectively for the near term.

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