Based on the last 12 Balance of Trade events in Germany, we expect a $327.82 movement on USDJPY within 4 hours following the event release at 09 Nov 18:00. We expect USDJPY to trend downwards 4 hours following the event release at 09 Nov 18:00 if the released value is < € 17.7B Historical events that allowed us to draw this conclusion

08 Oct 17:00	09 Sep 16:00
09 Aug 16:00	08 Jul 16:00
09 Feb 18:00	08 Jan 18:00
09 Dec 18:00

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