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24.12.202111:45 Forex Analysis & Reviews: Trading tips for CAD/JPY

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 24.12.2021 analysis

Considering that CAD/JPY moved by 20,000 pips since the end of 2019, three points should be noted.

1. Huge gains were seen this year after the breakdown of yearly highs.

2. The pair did not suffer from the 2020 crisis.

Exchange Rates 24.12.2021 analysis

3. As of today, the pair is again approaching yearly highs (125.338), which creates the preconditions for sell limits.

Exchange Rates 24.12.2021 analysis

So, after the breakdown of 125.338, set a grid of limits with an increment of about 300-500 pips. Take profit after a breakout, either at 1 pip above the first order or at a 1,000 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!

Andrey Shevchenko
Analytical expert of InstaForex
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