Simplification of another nasty expression

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I have the following condition $$ 2 \frac{x^2}{y^2} \left(1 - \frac{1}{y^2} \right)+ \frac{1}{y^2} \leq 1$$

Can anyone help me simplify it to the best possible relationship between $x$ and $y$?

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Take $1$ to the LHS and factor. This gives you $$ \left(1-\frac{1}{y^2}\right)\left(2\frac{x^2}{y^2}-1\right)\leq 0. $$ From here, you can consider 3 cases: $y^2>1$, $y^2< 1$, and $y^2=1$.