Based on the last 12 ISM Manufacturing PMI events in United States, we expect a 34 pip movement on USDJPY within 2 hours following the event release at 2023-01-05 02:00. We expect USDJPY to trend downwards 2 hours following the event release at 2023-01-05 02:00 if the released value is < 48.5 Historical events that allowed us to draw this conclusion

02 Dec 02:00	04 Oct 01:00
02 Jul 00:00	02 Apr 01:00
05 Jan 02:00

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