CADJPY is the ticker symbol for Canadian Dollar vs Japanese Yen. CADJPY is a Forex CFD. The CAD/JPY currency pairing is a representation of the amount of Japanese Yen (JPY) that can be bought for every Canadian dollar (CAD).
The standard contract size for CADJPY is 100000 with max lots of 1000 tradeable in 0.01 lot increments.
The minimum trade size for CADJPY is 0.01
You analyze the CADJPY forex pair the same as any other market, by a combination of technical analysis, trend analysis, and any pertinent fundamental analysis or information that is available. You should think of the CAD as the "anti-JPY", as if the JPY is soft, it generally means that there is a strengthening CAD, and vice versa.
CFD trading is extremely risky. Trading any leveraged product carries significant risk as you have the ability to open positions that are far larger than your account balance.
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One Forex point is normally = to 1000 unit of base currency. For instance, one Forex point of CADJPY is = to 1000 CAD.
The CADJPY cross is one of the more popular currency pairs among traders. It offers a good mix of volatility and liquidity, which makes it ideal for day trading. We'll take a look at three simple CADJPY trading strategies that you can use to get started.
Scalping is a trading strategy that involves making multiple small profits during the day. For this CADJPY strategy, we'll be targeting 10-pip gains on each trade. To do this, we'll be using a 5-minute chart and will be looking for candlestick patterns that indicate a potential reversal. We'll be entering our trades on a limit order basis and will be using a stop loss of 20 pips.
Breakouts occur when the price breaks out of a consolidation area. For this CADJPY strategy, we'll be targeting 25-pip gains on each trade. To do this, we'll be using a 15-minute chart and will be looking for breakout opportunities above key resistance levels. We'll be entering our trades on a market order basis and will be using a stop loss of 50 pips.
Swing trading is a longer-term strategy that involves holding trades for multiple days or even weeks. For this CADJPY strategy, we'll be targeting 100-pip gains on each trade. To do this, we'll be using a daily chart and will be looking for swing trade opportunities using Fibonacci retracement levels. We'll be entering our trades on a limit order basis and will be using a stop loss of 200 pips.
These are just three simple CADJPY trading strategies that you can use to get started. Remember to backtest your strategies before putting real money on the line. And always use risk management tools such as stop losses to protect your capital.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
The Afterprime liquidity mix for the forex market has been specially designed to cater for all forex trading styles. Enjoy trading on CADJPY with fast speeds and low costs.
Execution From < 1ms
Deep sweepable liquidity
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