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 80% chance of this. We expect USDJPY to trend downwards 2 hours following the event release at 24 Nov 20:00 if the released value is < 90.1. A price movement of 12 pips is expected. Historical events that allowed us to draw this conclusion

26 Oct 20:00	24 Apr 18:00
25 Mar 20:00	27 Jan 20:00

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