Forex: USD/JPY retesting 92.70 lows on Amari headlines

The Japanese economic minister Mr. Amari is speaking to reporters in Tokyo, and so far his comments have cost the USD/JPY to pare most of the gains built in the past few hours. USD/JPY is near lows at 92.70. Valeria Bednarik, chief analyst at FXstreet.com, earlier said the short term outlook remains cautiously bearish.

Coincidentally or not, the USD/JPY was rejected off the 20EMA on the hourly chart before Amari said the government has no target for the stock markets, also adding, as covered earlier by FXstreet.com editor Ivan Delgado, that Abe is now starting to focus most of his attention on picking the next BoJ governor candidates. At the moment, the two main front-runners are Mr. Iwata and Mr. Muto.