US Dollar Price Action Into 2021: EUR/USD, GBP/USD, USD/JPY
The technical backdrop meshes with that as the lower-highs post-March, combined with the horizontal support over the past couple of months at the Fibonacci level; produces a backdrop similar to a descending triangle. Such formations will often be approached with the aim of breakdown, looking for the horizontal support to, eventually, give way to the surging supply being offered by sellers with lower-highs bringing on lower-lows.
USD/JPY WEEKLY PRICE CHART
Chart prepared by James Stanley; USD/JPY on Tradingview
US STOCKS IN 2021
I’ve already shared my two cents on the matter in last week’s webinar, which you’re certainly welcome to. I remain bullish for next year although I’m of the believe that we’ll need a bit of a pullback in the early-portion of the year, perhaps Q1 but I’d prefer to span that expectation into H1.
To hear more of my views for what’s on the way in 2021, please check out US Dollar Price Action into 2021: EUR/USD, USD/JPY.
And, lastly, I would just like to take this opportunity to say thank you to everyone that’s read or engaged with DailyFX over the past year. It’s been a tumultuous year, to be sure, but hope and optimism populate the horizon for better days ahead. Your readership and your time are incredibly important, and they will never be taken for granted. Thank you.
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