The Canadian Dollar cross with the Japanese Yen (CAD/JPY) currency pair is often used when traders are looking to play a risk correlated currency against a safe haven currency. Market environments that are heavily sensitive to global sentiment will generally translate into a good amount of volatility for this pair. When sentiment is strong, it generally correlates with a higher rate, while deteriorating sentiment will have a weighing influence.
The Canadian economy is a commodity rich economy which means it's a currency correlated to the direction in commodities prices. Canada's economy is focused on the export of OIL and vehicles. Meanwhile, the Japanese economy has been historically viewed as a safe haven economy, mostly because of its traditional low yield that incentivizes investors to borrow Yen at very low rates and invest in more risk correlated currencies like the Canadian Dollar to benefit from the attractive yield differential. This is also known as the 'carry trade.' So if you’re looking to make a currency play that is tied to the direction in risk and commodities prices, the CADJPY cross rate could be the way to go.