The conscious price range shifts from the support line to the resistance line

Hello!

This is Satori researching FX.

Today we deliver about “the consciously watched price zone rolling from the support line to the resistance line,” i.e., a roll-change.

The chart below shows the price zone on the USD/JPY 1-hour chart that has rolled into the upper resistance line as a conscious price zone.


http://livedoor.blogimg.jp/fxmt4indicator/imgs/4/d/4d88b79e.gif


Yesterday there was a retrace, but the rebound strength is weak and selling pressure is pushing it down.

We have the support–resistance reversal indicator set to a 20-pip reversal on the 1-hour timeframe, but

the red dashed line of the support–resistance reversal signal appears.


The pink daily 15 EMA has turned bearish.

It may be a bearish turn in a long-term uptrend correction, but from this week it looks like sellers are in control and the market has shifted to a bearish regime.

At the start of the week, a price zone that had been recognized as support changed roles and began functioning as resistance on Tuesday and Wednesday, i.e., a roll-change and reversal of the support–resistance.



Meanwhile, the RSI Bands indicator with no trend filter has been playing a contrarian entry and exiting at the Bollinger Bands middle line (MA), achieving three consecutive wins.

In the downward phase, there are still profit-taking chances by aiming at the overshoot rebound.

Trading involves many perspectives; if you decide your take-profit and stop-loss levels and understand your own scenario, you can still achieve results even by trading against the trend.