USD/JPY Technical Analysis: Appropriate Levels of Purchase

) currency pair moved amid bearish momentum towards the 132.50 lowest support level for the currency pair in a month and a half.

On the other hand, the Japanese unemployment rate for June remained unchanged at 2.6%, slightly ahead of expectations at 2.5%, while the preliminary industrial production for the month of June rose by 8.9% , beating the expected growth rate of 3.7%. Elsewhere, retail sales data for June missed out on all counts.

The Fed has little incentive to undo its fast-paced rate-raising cycle after its preferred measure of inflation came in above expectations. The dollar recovered after the Bureau of Economic Analysis said its measure of inflation, the core PCE price index, rose 0.6% month-over-month in June, topping analysts' consensus expectations of 0.5% and doubling May's reading of 0.3%. The index is up 4.8% in the year to June, higher than the 4.

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