Based on the last 12 Ivey PMI s.a events in Canada, we expect a 21 pip movement on USDJPY within 2 hours following the event release at 08 Jan 02:00 GMT+11. We expect USDJPY to trend downwards 2 hours following the event release at 08 Jan 02:00 GMT+11 if the released value is < 53.2 Historical events that allowed us to draw this conclusion

08 Dec 02:00	08 Oct 01:00
05 Sep 00:00	08 May 00:00
08 Apr 00:00

All references to movement sizes are expressed assuming a lot size of 100,000 units (“standard account”).