Technical Analysis — October 22, 2026

Overview

Today’s key themes are the shift toward yen strength, short-term corrections in major currencies, and the divergence between U.S. and Japanese equities.

USD/JPY is strongly bearish from the 15-minute chart through the daily chart. The daily outlook, which was neutral previously, has also turned lower. Even if short-term rebounds occur, selling pressure is dominant on the higher timeframes.

Selling has also spread across the yen crosses. GBP/JPY and NZD/JPY are rated strongly bearish across all timeframes, while EUR/JPY is bearish across all timeframes. This marks a change from the previous session, when several yen crosses showed notable strength. However, the daily indicators for GBP/JPY and NZD/JPY are strongly bullish, so conflicting signals remain in the underlying readings.

GBP/USD, AUD/USD and NZD/USD retain bullish daily outlooks, but have weakened from the short-term charts through the hourly chart. Their daily uptrends are undergoing a deeper correction, so short-term dip buying is less attractive than it was previously.

Gold, silver and natural gas are clearly bearish. WTI crude maintains strongly bullish hourly and daily outlooks, although its short-term momentum has weakened. BTC has also shifted from being strongly bullish across all timeframes to strongly bearish on the 15-minute and hourly charts.

The Dow and S&P 500 are strongly bullish across all timeframes, while the Nikkei is strongly bearish across all timeframes. The DAX and CAC 40 have also weakened, widening the divergence between regions and indices.

Main Changes Since the Previous Report

USD/JPY’s daily outlook has shifted from neutral to strongly bearish. The 15-minute and hourly charts are also strongly bearish, making the downside bias clearer on higher timeframes than before.

GBP/USD has moved from being strongly bullish across all timeframes to strongly bearish on the 5- and 15-minute charts and bearish on the hourly chart. Its strongly bullish daily outlook remains intact.

AUD/USD and NZD/USD have also turned strongly bearish from the short-term charts through the hourly chart. The correction against their bullish daily outlooks has now extended to the hourly timeframe.

GBP/JPY and NZD/JPY have shifted from bullish readings to a strongly bearish overall rating across all timeframes. AUD/JPY has also weakened, with strong selling on the 15-minute and hourly charts and a neutral daily outlook.

CAD/JPY’s hourly outlook has changed from neutral to strongly bearish, while its daily outlook has shifted from strongly bullish to neutral. The weakening is no longer limited to a short-term correction; the higher-timeframe bullish bias has also faded.

AUD/NZD has improved from selling to strongly bullish on the 5- and 15-minute charts, aligning with its strongly bullish hourly outlook. The daily chart remains neutral.

For gold futures, the neutral 15-minute and hourly readings have disappeared, leaving the overall outlook strongly bearish across all timeframes. Spot silver is also strongly bearish across all timeframes.

BTC has shifted from being strongly bullish across all timeframes to strongly bearish on the 15-minute and hourly charts, with a neutral daily outlook. The 5-minute chart shows a rebound, but the broad bullish alignment has ended.

The S&P 500 has improved to strongly bullish across all timeframes, as the strongly bearish 15-minute reading and neutral higher-timeframe readings have cleared. The Nasdaq 100 has also improved to neutral from the short-term charts through the hourly chart.

The DAX has shifted from being strongly bullish across all timeframes to strongly bearish on the 15-minute chart, bearish on the hourly chart and neutral on the daily chart. The Nikkei’s hourly chart has also turned strongly bearish, leaving all timeframes aligned to the downside.

FX Markets

EUR/USD — 1.1223

The 5-minute, 15-minute and hourly charts are strongly bearish; the daily chart is neutral.

The short-term charts, which were neutral previously, have turned lower. On the daily chart, the moving averages are bearish and the indicators are neutral, resulting in an overall neutral reading.

A short-term rebound-selling setup is possible. Watch whether the strong selling on the 15-minute and hourly charts persists and whether the bearish bias spreads to the daily chart.

GBP/USD — 1.3388

The 5- and 15-minute charts are strongly bearish, the hourly chart is bearish, and the daily chart is strongly bullish.

After being bullish across all timeframes, the short-term and hourly charts have shifted into correction. On the hourly chart, the moving averages are neutral while the indicators are strongly bearish, suggesting that the momentum supporting the rally has weakened.

For a daily-trend dip-buying setup, wait for the 15-minute and hourly charts to improve. While short-term selling persists, the bullish daily reading alone offers limited confirmation.

USD/JPY — 156.94

The 5-minute chart is neutral; the 15-minute, hourly and daily charts are strongly bearish.

On the 15-minute chart and above, the moving averages and indicators are aligned to the downside. On the 5-minute chart, bearish moving averages conflict with strongly bullish indicators, leaving room for a very short-term rebound.

The bias is to sell rallies. Watch whether the 5-minute rebound fades and the price action realigns with the downside on the 15-minute chart and above.

USD/CHF — 0.8208

The 5-minute chart is strongly bullish, the 15-minute chart is neutral, and the hourly and daily charts are strongly bearish.

The previous hourly bullish reading has disappeared, bringing the pair into alignment with the bearish daily trend. The pair is rebounding in the short term, but on the 15-minute chart, bearish moving averages conflict with bullish indicators.

The bias is to sell rallies. Look for the short-term rebound to fade and the 15-minute chart to turn bearish again.

AUD/USD — 0.7016

The 5-minute, 15-minute and hourly charts are strongly bearish; the daily chart is strongly bullish.

The pair has shifted from being strongly bullish on the 15-minute chart and above to bearish through the hourly chart. Moving averages and indicators are also bearish from the short-term charts through the hourly chart.

The daily-trend dip-buying setup needs further improvement. Watch for selling to ease on the 15-minute chart and for the hourly chart to turn bullish again.

NZD/USD — 0.5681

The 5-minute, 15-minute and hourly charts are strongly bearish; the daily chart is bullish.

The previous strongly bullish readings from the short-term charts through the hourly chart have ended. The daily moving averages are neutral, with the bullish daily rating driven mainly by the indicators.

Short-term selling is dominant. Even when considering a daily-trend long, wait for selling to ease on the 15-minute and hourly charts.

USD/CAD — 1.4028

The 5-minute chart is strongly bullish, the 15-minute chart is neutral, and the hourly and daily charts are strongly bearish.

The short-term rebound is running against the bearish higher-timeframe trend. On the hourly and daily charts, moving averages and indicators are aligned to the downside.

The bias is to sell rallies. Watch whether the 5-minute buying spreads to the 15-minute chart or fades, bringing the pair back into alignment with the bearish trend.

Yen Crosses and Relative Currency Strength

EUR/JPY — 176.10

The 5-minute chart is bearish; the 15-minute, hourly and daily charts are strongly bearish.

Moving averages and indicators are all bearish. The daily selling pressure has intensified since the previous report, leaving the downside bias clear from the short-term charts through the daily chart.

Selling rallies is favored. Among the yen crosses, this pair has signals that are aligned to the downside even in the underlying indicators.

GBP/JPY — 210.07

The overall rating is strongly bearish across all timeframes.

The pair has shifted sharply from the previous bullish outlook. However, on the daily chart, strongly bearish moving averages conflict with strongly bullish indicators. The short-term charts through the hourly chart are aligned to the downside.

Selling rallies is favored. Keep the conflicting daily readings in mind and watch whether strong selling persists on the 15-minute and hourly charts.

CHF/JPY — 191.18

The 5-minute, 15-minute and hourly charts are strongly bearish; the daily chart is neutral.

The hourly chart has shifted from bearish to strongly bearish. The downside is clear from the short-term charts through the hourly chart, but on the daily chart, bearish moving averages conflict with strongly bullish indicators.

This is a short-term rally-selling candidate. Whether the daily chart also turns bearish is the next point to watch.

AUD/JPY — 110.08

The 5-minute chart is neutral; the 15-minute and hourly charts are strongly bearish; the daily chart is neutral.

The previous strong bullish readings from the 15-minute chart through the daily chart have disappeared. The daily moving averages are strongly bearish, while the indicators are bullish, leaving conflicting signals.

Selling is favored in the short term. Watch whether the 5-minute rebound fades and the pair realigns with the downside on the 15-minute and hourly charts.

NZD/JPY — 89.13

The overall rating is strongly bearish across all timeframes.

The previous strongly bullish readings from the short-term charts through the hourly chart have disappeared. However, the daily indicators are strongly bullish, in conflict with strongly bearish moving averages.

Selling rallies is favored from the short-term charts through the hourly chart. Treat the overall bearish rating separately from the conflicting daily readings.

CAD/JPY — 111.87

The 5-minute, 15-minute and hourly charts are strongly bearish; the daily chart is neutral.

The 15-minute and hourly charts, previously neutral, have turned strongly bearish. The daily outlook has also weakened from strongly bullish to neutral, reducing the higher-timeframe support for dip buying.

This is a short-term rally-selling candidate. Before considering a long, wait for selling to ease on the 15-minute and hourly charts.

EUR/GBP — 0.8383

The 5-minute chart is bullish, the 15-minute chart is neutral, and the hourly and daily charts are strongly bearish.

The pair is rebounding in the short term, but the higher-timeframe bearish outlook remains intact. The hourly and daily charts continue to show sterling’s relative strength against the euro.

Selling rallies is favored. Watch whether the short-term rebound fades and the 15-minute chart turns lower again.

AUD/NZD — 1.2349

The 5-minute, 15-minute and hourly charts are strongly bullish; the daily chart is neutral.

The previous short-term selling has cleared, bringing the pair into alignment with its bullish hourly outlook. Moving averages and indicators are all strongly bullish from the short-term charts through the hourly chart.

This is a short-term dip-buying candidate. On the daily chart, however, bullish moving averages conflict with strongly bearish indicators, so the upside is not yet aligned across all timeframes.

EUR/CHF — 0.9211

The 5-minute chart is neutral; the 15-minute, hourly and daily charts are strongly bearish.

The previous strongly bullish short-term reading has weakened, and the 15-minute chart has returned to the bearish direction of the higher timeframes. Moving averages and indicators are aligned to the downside on the 15-minute chart and above.

Selling rallies is favored. Watch whether the 5-minute rebound fades and the pair realigns to the downside.

GBP/CHF — 1.0987

The 5-minute, 15-minute and hourly charts are strongly bearish; the daily chart is neutral.

The previous strongly bullish readings across all timeframes have disappeared. Moving averages and indicators are all strongly bearish from the short-term charts through the hourly chart.

This is a short-term rally-selling candidate. The daily chart remains neutral, so watch whether the downside extends to the daily timeframe.

Commodities

Gold (XAU/USD) — 4090.40

The 5-minute chart is bearish; the 15-minute, hourly and daily charts are strongly bearish.

The hourly chart, previously neutral, has turned strongly bearish. On the 15-minute chart and above, moving averages and indicators are all strongly bearish.

Selling rallies is favored. If a short-term rebound occurs, watch whether strong selling persists on the 15-minute and hourly charts.

Gold Futures — 4102.47

The overall rating is strongly bearish across all timeframes.

The 15-minute and hourly charts, previously neutral, have turned bearish. On the 5-minute chart, however, strongly bearish moving averages conflict with strongly bullish indicators.

The higher-timeframe bias favors selling rallies. Watch whether the 5-minute rebound pressure fades and the underlying signals align to the downside.

Silver (XAG/USD) — 56.0770

The overall rating is strongly bearish across all timeframes.

The 5-minute chart, previously neutral, has also turned bearish. Moving averages and indicators are all bearish, with strong selling aligned on the 15-minute chart and above.

Selling rallies is favored. Among gold and silver, silver is the one with clear downside alignment from the short-term charts through the daily chart.

Silver Futures — 56.005

The 5-minute chart is neutral; the 15-minute, hourly and daily charts are strongly bearish.

The downside remains clear on the 15-minute chart and above. On the 5-minute chart, the indicators are neutral and the moving averages are bearish, with no aligned bullish signal.

This is a rally-selling candidate. Watch whether the very short-term neutral reading develops into a rebound or returns to the bearish trend.

WTI Crude — 99.57

The 5-minute chart is neutral, the 15-minute chart is bullish, and the hourly and daily charts are strongly bullish.

Short-term momentum has weakened from the previous strongly bullish reading across all timeframes, but the 15-minute chart and above remain bullish. On the hourly and daily charts, moving averages and indicators are aligned to the upside.

This is a dip-buying candidate. Watch whether the 5-minute correction ends and the price action returns to the bullish direction on the 15-minute and hourly charts.

Natural Gas — 2.760

The overall rating is strongly bearish across all timeframes.

The downside remains aligned from the short-term charts through the daily chart. Moving averages and indicators are all bearish.

Selling rallies is favored. If a short-term rebound occurs, watch whether strong selling persists on the 15-minute and hourly charts.

Copper — 6.4320

The 5-minute chart is neutral, the 15-minute chart is bearish, and the hourly and daily charts are strongly bearish.

Selling has eased in the short term compared with the previous strongly bearish reading across all timeframes. However, moving averages and indicators remain strongly bearish on the hourly and daily charts.

This is a rally-selling candidate. Watch whether the 5-minute rebound spreads to the 15-minute chart or fades, restoring alignment with the higher-timeframe downtrend.

U.S. Wheat — 630.40

The 5-minute and 15-minute charts are strongly bullish, the hourly chart is neutral, and the daily chart is strongly bearish.

The short-term rebound has broadened, and the hourly chart has improved from strongly bearish to neutral. However, on the hourly chart, bearish moving averages conflict with strongly bullish indicators.

Buying is favored in the short term, but the daily downtrend remains intact. Watch whether the rebound extends to a bullish hourly reading.

BTC/USD — 82055.0

The 5-minute chart is bullish; the 15-minute and hourly charts are strongly bearish; the daily chart is neutral.

The higher-timeframe strength has weakened from the previous strongly bullish reading across all timeframes. The 5-minute chart is rebounding, but moving averages and indicators are bearish on the 15-minute and hourly charts.

This is a short-term rally-selling candidate. If considering a long, wait for improvement on the 15-minute and hourly charts as well as the 5-minute chart.

Equity Indices

Dow — 52856.09

The overall rating is strongly bullish across all timeframes. Moving averages and indicators are also strongly bullish across all timeframes.

The short-term and hourly weakness from the previous report has cleared, leaving a clear uptrend from the short-term charts through the daily chart. The Dow is one of the indices with the strongest bullish alignment today.

Buying dips is favored. Watch whether the strong 15-minute and hourly readings persist after a correction.

S&P 500 — 7757.17

The overall rating is strongly bullish across all timeframes.

The previous strongly bearish 15-minute reading and neutral hourly and daily readings have cleared. Moving averages and indicators are all bullish.

Buying dips is favored. Along with the Dow, the S&P 500 has improved to a bullish alignment from the short-term charts through the daily chart.

Nasdaq 100 — 29822.52

The 5-minute, 15-minute and hourly charts are neutral; the daily chart is bearish.

The downside has eased on the short-term charts and the hourly chart compared with the previous strongly bearish reading across all timeframes. However, on the hourly chart, bearish moving averages conflict with bullish indicators, and the daily indicators remain strongly bearish.

Selling momentum has weakened, but a bullish reversal is not yet confirmed. Watch whether the 15-minute and hourly charts turn bullish.

DAX — 25378.43

The 5-minute chart is neutral, the 15-minute chart is strongly bearish, the hourly chart is bearish, and the daily chart is neutral.

The short-term and hourly charts have weakened from the previous strongly bullish reading across all timeframes. On the daily chart, bearish moving averages conflict with bullish indicators.

This is a short-term rally-selling candidate, but the daily chart is neutral. Watch whether the downside persists on the 15-minute and hourly charts.

FTSE 100 — 10698.37

The 5-minute chart is strongly bullish, the 15-minute chart is bearish, the hourly chart is strongly bearish, and the daily chart is bullish.

The pair has shifted from being bullish across all timeframes, with the 15-minute and hourly charts turning lower. Short-term buying and the bullish daily outlook are being countered by hourly selling.

For a daily-trend dip-buying setup, wait for improvement on the 15-minute and hourly charts.

CAC 40 — 7804.71

The 5-minute chart is neutral; the 15-minute, hourly and daily charts are strongly bearish.

The previous strong bullish readings on the 15-minute and hourly charts have disappeared, and the daily chart has shifted from neutral to strongly bearish. On the 15-minute chart and above, moving averages and indicators are aligned to the downside.

Selling rallies is favored. Watch whether the 5-minute rebound fades and the price action realigns with the higher-timeframe downtrend.

Nikkei 225 — 63070.00

The overall rating is strongly bearish across all timeframes.

The hourly chart has shifted from bearish to strongly bearish, aligning the short-term charts through the daily chart to the downside. Moving averages and indicators are all bearish.

Selling rallies is favored. The Nikkei is notably weak compared with the strongly bullish Dow and S&P 500.

Strength Rankings

Strongly Bullish Overall Across All Timeframes

• Dow
• S&P 500

Moving averages and indicators on both indices are bullish across all timeframes. They are the clearest candidates in today’s set with higher-timeframe bullish alignment.

Strongly Bullish on the Hourly and Daily Charts

• WTI crude

Short-term momentum has weakened, but the 15-minute chart and above remain bullish. Watch for the 5-minute correction to end.

Clear Buying from the Short-Term Charts Through the Hourly Chart

• AUD/NZD

Moving averages and indicators are strongly bullish on the 5-minute, 15-minute and hourly charts. The daily chart remains neutral, with conflicting underlying signals.

Corrective Setups with Bullish Daily Readings

• GBP/USD
• AUD/USD
• NZD/USD
• FTSE 100

The daily charts remain bullish, but the hourly charts are bearish. At present, it is preferable to wait for improvement rather than prioritize short-term buying.

Weakness Rankings

Strongly Bearish Overall Across All Timeframes

• GBP/JPY
• NZD/JPY
• Gold futures
• Spot silver
• Natural gas
• Nikkei 225

Conflicting underlying readings remain: the daily indicators for GBP/JPY and NZD/JPY are strongly bullish, while the 5-minute indicators for gold futures are strongly bullish.

Strongly Bearish from the 15-Minute Chart Through the Daily Chart

• USD/JPY
• EUR/JPY
• EUR/CHF
• Spot gold
• Silver futures
• CAC 40

The higher-timeframe downside is clear even where the short-term chart is neutral or rebounding.

Clear Selling on the Hourly and Daily Charts

• USD/CHF
• USD/CAD
• EUR/GBP
• Copper

These are rally-selling candidates; watch for short-term rebounds to fade and the higher-timeframe direction to reassert itself.

Trading Strategy

Prioritize Dip-Buying Setups

The Dow and S&P 500 are the main candidates.

Both have strongly bullish overall readings across all timeframes, and their underlying signals are bullish. After any short-term correction, watch whether strong buying persists on the 15-minute and hourly charts.

WTI crude is also strongly bullish on the hourly and daily charts. Watch for the 5-minute correction to end and price action to return to the bullish direction on the 15-minute chart and above.

Short-Term Buying Candidates

AUD/NZD is strongly bullish from the short-term charts through the hourly chart.

The daily chart remains neutral, so distinguish continued short-term buying from a confirmed daily reversal.

U.S. wheat is also strongly bullish in the short term, but the hourly chart is neutral and the daily chart is strongly bearish. It has more conflict with the higher timeframes than AUD/NZD.

Prioritize Rally-Selling Setups

Natural gas, spot silver and the Nikkei are aligned to the downside from the short-term charts through the daily chart.

USD/JPY, EUR/JPY, EUR/CHF, spot gold, silver futures and the CAC 40 are also clearly bearish on the 15-minute chart and above. Watch for short-term rebounds to fade and the bearish alignment to return.

GBP/JPY and NZD/JPY also have strongly bearish overall readings, but assess them alongside the conflicting daily indicators.

Wait for Improvement

GBP/USD, AUD/USD and NZD/USD are bullish on the daily charts but bearish from the short-term charts through the hourly chart. For daily-trend longs, wait for the 15-minute and hourly charts to improve.

BTC may be bullish on the 5-minute chart, but the 15-minute and hourly charts are strongly bearish. Watch whether the short-term rebound spreads to the higher timeframes.

The Nasdaq 100 has improved to neutral from the short-term charts through the hourly chart, but the daily chart remains bearish. Watch for stronger alignment before taking a directional view.

Key Points to Watch

The shift toward yen strength is notable today. USD/JPY and several yen crosses show strong hourly selling. However, some yen crosses retain bullish daily indicators, so distinguish short-term selling from a fully confirmed daily downtrend.

Selling several yen crosses at the same time concentrates exposure to yen strength. Adding more pairs does not necessarily diversify the risk, since their performance may move together in response to the yen.

The Dow and S&P 500 are clearly bullish, while the Nikkei is strongly bearish. The DAX and CAC 40 have also weakened, making it difficult to treat equity markets as a single directional trade.

In commodities, crude’s higher-timeframe bullishness contrasts with selling in gold, silver and natural gas. Sterling, the Australian dollar and BTC, which were strong in the previous report, are also undergoing corrections. Focus on which direction the 15-minute and hourly charts are currently aligned with rather than carrying forward the previous session’s bias.