USD/JPY Forecast: September 22, 2026 Welcome to today's TebotechSignals market breakdown. As we transition from the London session into the New York open, the USD/JPY pair is currently trading near the 157.00 psychological level, down slightly by 0.30% from the previous session. Recent price action shows a recovery from the 152.80 region, driven by elevated US 10-year Treasury yields and shifting Bank of Japan (BoJ) expectations. For more insights on our methodology, check our /blog/ict-trading-concepts post. ## HTF Bias & Market Structure From a Higher Time Frame (HTF) perspective, the daily market structure remains bullish. After sweeping sell-side liquidity (SSL) near 152.87 earlier this month, the pair has displaced higher, leaving behind significant Fair Value Gaps (FVG). The current institutional order flow suggests smart money is targeting buy-side liquidity (BSL) resting above the 158.00 and 160.00 levels, provided the BoJ does not intervene. ## Key Levels to Watch Applying Smart Money Concepts, we have identified the following premium and discount arrays: * Bearish Order Block (Resistance): 158.60 - 159.00 zone. * Buy-Side Liquidity (BSL): 157.50 (Asian session highs). * Fair Value Gap (FVG): 155.00 - 155.50 (Discount array for re-entries). * Bullish Order Block (Support): 152.80 - 153.30. ## Bullish Scenario In a bullish scenario for today's NY session, we want to see a minor manipulation move to sweep the London session lows into the 156.50 micro-FVG. A lower timeframe market structure shift (MSS) in this discount zone would provide a high-probability entry targeting the 157.50 BSL, with secondary targets at the 158.60 bearish order block. ## Bearish Scenario If the DXY shows weakness or intervention fears spike, a bearish scenario could unfold. We would look for a sweep of the 157.50 highs followed by an immediate displacement lower, breaking the 156.50 structural low. This would open the door for a deeper retracement into the daily FVG at 155.00. ## Economic Calendar This Week Traders must remain vigilant regarding macroeconomic drivers. This week, keep an eye on US Flash Manufacturing PMI and any unscheduled BoJ commentary. Rising oil prices and US yield fluctuations remain the primary catalysts for USD/JPY volatility. ## FAQ Is USD/JPY currently bullish or bearish? Based on HTF market structure and recent displacement from the 152.80 order block, the pair maintains a bullish bias, though intervention risks remain. What is the next major target for USD/JPY? If the bullish order flow continues, the next major draw on liquidity is the 158.60 premium order block. ## Risk Disclaimer Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The analysis provided by TebotechSignals is for educational purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always use proper risk management. View our full track record at /performance. ## Join TebotechSignals Ready to trade with institutional precision? Upgrade your trading with our premium setups at /signals, or get started today by joining our community for /free-signals.