CAD/JPY has been increasing since September last year. The reason for this is the weakening of the Japanese yen, which can be observed through various currency pairs, including USD/JPY.
At the moment, the pair is near the yearly high, which means that traders can open a new set of sell limits.
So, after the breakdown of 93, place a grid of sell limits in an increment of 300-500 pips. Take profit on a breakout, either at 1 pip above the first order or after a 100 pip rise.
This strategy is called grid trading, which is usually used on cross rates. It involves holding positions that are significant in time and distance. For this reason, we recommend using swap-free accounts, not increasing the volumes in the grid (0.01 standard lot for every $ 1000 of the deposit) and monitor price movements.
Good luck and have a nice day!
