USDJPY London briefing — 2026-10-21

BIAS BEARISH. Trend vote (D1 + EMA H4 + EMA H1) drives bias; RSI neutral; fair value gaps bullish but subordinate to directional structure. KEY LEVELS R: 158.5, 159.03 | S: 158.00, 156.38 NEWS 🟡 MBA Mortgage Applications 11:00 UTC 🟡 EIA Crude Oil Stocks 14:30 UTC 🟡 EIA Distillate Stocks 14:30 UTC SESSION OUTLOOK London open tests 158 support; watch H1 bearish structure hold into afternoon data. EIA releases may trigger volatility near resistance.

Key Levels

R: 158.500 · 159.029

S: 158.000 · 156.383