USD/JPY Technical Analysis 2016, 17.07 - 24.07: daily bearish ranging below 200-day SMA

Daily price is located below 100 SMA/200 SMA reversal zone on the bearish area of the chart for the ranging within the following support/resistance levels:

• 105.93 resistance located in the beginning of the bear market rally to be started, and
• 99.98 support level located far below 200 SMA in the primary bearish area of the chart.

If the price will break 105.93 resistance level so the local uptrend as the bear market rally will be started with 107.89 level to re-enter.
If the price will break 114.25 resistance level so we may see the reversal of the price movement from the ranging bearish to the primary bullish market condition.
If price will break 99.98 support so the bearish trend will be continuing with 98.97 target to re-enter.
If not so the price will be ranging within the levels.

• Recommendation to go short: watch the price to break 99.98 support level for possible sell trade
• Recommendation to go long: watch the price to break 105.93 resistance level for possible buy trade
• Trading Summary: ranging

SUMMARY : ranging