USDJPY Forecast for October 22, 2026

USDJPY maintains a bearish outlook on the 4-hour chart, with sellers driving prices toward 156.747 following a decisive breakdown below 157.547. The Elliott Wave structure identifies the completion of an Ending Diagonal at 158.950, marking wave (5), wave C, and wave X. The subsequent decline established wave A at 157.547, followed by a corrective recovery forming wave B near 158.346. Renewed selling pressure has now pushed prices below wave A, reinforcing bearish momentum and suggesting further downside development. The chart projects a temporary rebound toward 157.000 before the decline resumes toward 156.500, with potential extension toward 156.300. Immediate resistance stands near 157.000, followed by 157.547, while sustained trading below these levels supports the bearish outlook.