LewkP_FX

Short if the Yen keeps bullish

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OANDA:GBPJPY   英鎊 / 日圓
GBPJPY appears to be consolidating within a tight range on the 4-hour chart. Should the dollar maintain its bearish trend this week, it will likely continue bolstering the JXY, applying further downside pressure on this currency pair. A breakout and sustained position above the upper boundary outlined by the dotted white line would indicate a bullish shift, rendering this scenario invalid. However, if conditions align favorably, there's potential for a 2000-pip short trade by month-end. The initial target remains the bottom of the zone, but I'll reassess, considering the possibility of extending the downside move towards the monthly bullish FVG established in April 2023.

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