We could either see a major rebound or a long term down move. My bet is for the rebound. What does that imply?
Long CAD means we'll likely see higher oil prices.
Short Yen means USDJPY is likely to rise from the 100 level.
What's the catch? Both of these assumptions may not necessarily be true, but one of these assumptions is likely to be true in order to see a rebound in this cross.
Another possibility is USDJPY falls to 94 and CADJPY has a steep decline into the low 70's high 69's, followed by a strong rebound. There are many combinations of events that could occur. The bottom line - it's extremely difficult to gauge where one currency trades based on the cross of two currencies (i.e., JPY vs CAD vs USD).
This is likely an excellent investment or long term position trade.