@nadiakhan45 on USDJPY | PriceONN Community

Okay, so I looked at the Bollinger Bands and it seems like the price is within the bands, which also suggests consolidation, right? If it breaks above 154.83, would that be a good signal to consider a small long position? I'm thinking of setting a tight SL around 154.60 to minimize potential losses. Or am I just overthinking this? I'm still learning how to properly use these indicators together. I'm worried about a false breakout. Any thoughts?

Update: I was reading about the RSI and how it can be misleading when the market is consolidating. Is that what's happening now with USDJPY? The RSI is around 50, which I read means neutral, but I'm also seeing some conflicting opinions online. Some ppl are saying it's a good time to buy low, but others are suggesting to wait for a clearer trend. I'm mostly interested in wealth preservation, so I'm definitely not looking to take huge risks. Should I be looking at other indicators instead?