USDJPY Forecast

USD/JPY remains bearish at the displayed 157.583, despite a corrective recovery from the recent low. The Elliott Wave count preserves the earlier ending diagonal at blue X, followed by a decline labeled red 1–5 and green (1)–(3). The latest rebound carries purple W-X-Y labels, with green (4) near 157.75. Since October 23, the previously projected decline has given way to a corrective recovery, without confirming a bullish reversal. The blue projection anticipates renewed weakness toward approximately 156.65, with 156.076 marked as the further-downside objective. The chart identifies 157.827 as the bottom of the first wave and an important bearish invalidation reference, while 158.604 is the explicitly annotated broader invalidation level.

Technical Summary of USD/JPY Price for October 26, 2026

• Trend: Bearish.
• Current Elliott Wave: Green (4) corrective rebound with purple W-X-Y; further decline projected.
• Key Support Levels: 156.65 (projected); 156.076 (annotated downside objective).
• Key Resistance Levels: Approximately 157.75 (wave (4) area); 157.827; 158.604.
• Next Price Target: Approximately 156.65, followed by 156.076 if selling extends.
• Invalidation Level: 157.827 (first-wave overlap reference); 158.604 (annotated broader invalidation).

Trader's Question: Can USD/JPY resume its decline after wave (4)?

A rejection near the corrective high would favor renewed weakness, while a sustained move above 157.827 would raise a mandatory Elliott Wave overlap concern for the proposed impulse.

USD/JPY maintains a bearish outlook on the 4-hour chart, trading near 156.924 following a sharp decline from the corrective wave X peak. The Elliott Wave count identifies an ending diagonal within wave (5), followed by a corrective A-B-C structure and a developing five-wave bearish sequence. Price has broken below 157.827, reinforcing selling pressure, while the green wave (3) low near 156.076 remains an important downside reference. The chart projects further weakness toward 156.00 after a limited rebound associated with wave (4). A sustained recovery above 157.827 would weaken immediate bearish momentum, while 158.604 remains the explicitly annotated invalidation level for the bearish outlook.

Technical Summary of USD/JPY Price for October 23, 2026

• Trend: Bearish
• Daily Support Levels: 156.076 (annotated downside reference); 156.00 (projected).
• Daily Resistance Levels: 157.827 (annotated); 158.604 (invalidation).
• Elliott Wave Patterns: Ending diagonal at wave (5), corrective A-B-C structure, and developing bearish waves (1)–(5), with wave (4) labeled and wave 5 projected.
• Trading Range: Projected downside zone 156.00–156.076.

Trader's Question: Can USD/JPY extend its decline after the current rebound?

The bearish wave structure favors further downside toward 156.00, but a sustained recovery above 157.827 would weaken immediate selling pressure.