USDNOK Searching For Resistance, While CADJPY Breaking Higher

Elliott wave analysis on USD/Norwegian Krone and Canadian dollar/yen.

USDNOK is higher as money shifts into dollar this week which is stronger and stronger, but still too early to confirm any significant change in trend. On USDNOK we see a three wave recovery from the low, so upside can be limited as pair trades close to former wave 4 swing resistance at 8.0094, that comes in near C=A level.

USDNOK, 4H

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CADJPY is still in a nice swing to the upside, ideally, fifth wave since pair also took out the upper channel line which is seen as a confirmation for a fifth wave up that can climb above 92.00.

CADJPY, 1H

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