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* The dollar touched a fresh 20-year high on Monday, lifted by hawkish comments by Federal Reserve Chair Jerome Powell, but was kept in check as the euro was boosted by growing expectations for European Central Bank (ECB) rate hikes.

* The euro on Monday hitched a ride to parity against the dollar as European Central Bank members talked up front -loading rate hikes, but some suggest there is still doubt over whether the ECB will be able to curb inflation and that could keep the dollar bulls alive

* The rouble firmed towards 60 against the dollar on Monday, supported by the last month-end tax payments that boost demand for the Russian currency, while stocks clipped a two-month high.

* The U.S. dollar touched a 20-year high against a basket of major currencies on Monday, as investors digest a pledge from Federal Reserve chair Jerome Powell to keep interest rates higher in a bid to bring down surging inflation.

* China’s yuan led losses across Asian currencies on Monday after weak industrial data, while the U.S. dollar hit a 20-year high on hawkish signals from the Federal Reserve.

*  The dollar index gained on Friday after Federal Reserve Chair Jerome Powell adopted a hawkish tone to battling inflation, but did not settle the debate on how large a rate increase is likely at the U.S. central bank’s September meeting.

Observation

* On looking at hourly chart of JPYINR, Prices formed a base in the form of double top, which is a bearish pattern.

* Post breakout, prices retested the neckline of the pattern and started to move on the downside, which indicated continuation in current downtrend.

* Bollinger bands have started to expand which tells that the volatility in the prices have started to increase for down move.

* RSI have sustained below 50 levels,reflecting that the prices have the momentum to go lower.

Inference

* Sell below 58.01 Target 57.54 SL 58.33

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