Based on the last 12 Ifo Business Climate events in Germany, we expect a $432 movement on USDJPY within 4 hours following the event release at 2022-07-25 18:00. We expect USDJPY to trend downwards 4 hours following the event release at 2022-07-25 18:00 if the released value is < 90.2 Historical events that allowed us to draw this conclusion

24 Jun 18:00	25 Mar 20:00
24 Nov 20:00	25 Aug 18:00
26 Jul 18:00

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