Based on the last 12 Balance of Trade events in Japan, we expect a $32,219.78 movement on ES within 2 hours following the event release at 19 Jan 23:50. We expect ES to trend downwards 2 hours following the event release at 19 Jan 23:50 if the released value is < ¥-784.1B Historical events that allowed us to draw this conclusion

15 Dec 23:50

19 Oct 23:50

15 Sep 23:50

20 Jul 23:50

15 Jun 23:50

16 Mar 23:50

15 Dec 23:50