Picture that is in periodical? On the contrary (5)
I believe the answer is:
image
'picture that is' is the definition.
'image' can be an answer for 'picture' ('image' can be a synonym of 'picture'). I'm unsure of the 'that is' bit.
'periodical? on the contrary' is the wordplay.
'periodical?' becomes 'mag' (abbreviation for magazine).
'on' means one lot of letters goes inside another.
'the contrary' becomes 'ie' (I am not sure about this - if you are sure you should believe this answer much more).
'mag' going inside 'ie' is 'IMAGE'.
'in' is the link.
Can you help me to learn more?
(Other definitions for image that I've seen before include "Likeness of person or thing" , "Likeness; metaphor" , "Visible representation" , "personality" , "public perception" .)