USDJPY London briefing — 2026-10-26

BIAS BEARISH. D1 structure, H4 EMA, and H1 EMA trend votes combined with bearish H4 fair value gaps drive downside. KEY LEVELS R: 157.5, 158.96 | S: 157.00, 156.07 NEWS 🟡 Chicago Fed National Activity Index (USD) 12:30 UTC 🟡 3M & 6M Bill Auctions (USD) 15:30 UTC SESSION OUTLOOK Watch for weakness into support at 157.00 during London session. Soft USD data may extend downside pressure on the pair.

Key Levels

R: 157.500 · 158.962

S: 157.000 · 156.069