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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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.