Based on the last 12 Ifo Business Climate events in Germany, we expect USDJPY to trend downwards later today. Based on these past events there is a 71.43% chance of this. This may happen if the released value is < 89.1 Historical events that allowed us to draw this conclusion

17 Dec 20:00	24 Sep 18:00
25 Aug 18:00	26 Jul 18:00
26 Apr 18:00

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