Pick of the Day: GBP/JPY
Early tomorrow morning at 4:30 am EST the UK Manufacturing Purchasing Manager's Index (PMI) is being released. It is a leading indicator of the manufacturing sector, and its consensus number is around 51.5. Any number above 50 is an indicator of an expanding manufacturing sector. Hopefully, we can catch some pips from a potentially volatile report. Here are a couple of ideas:
Long GBP/JPY at 207.80, stop at 207.40, PT1 at 208.15, PT2 at 208.50
If we see a weak PMI number here's a short idea:
Short GBP/JPY at 206.15, stop at 206.55, PT1 at 205.85, PT2 at 205.35
Good luck and good trading!
Related Posts:
- Pick of the Day: USD/CHF 23:23 02 May 2006
- Pick of the Day: GBP/USD 21:56 11 July 2006
- Pick of the Day: USD/CHF - Update 10:24 am EST 10:31 05 December 2006
- Pick of the Day: USD/CAD 21:04 27 April 2006
- Pick of the Day: EUR/USD - Close Trade 10:50 04 January 2007
Forex Blog: Pick of the Day

