You can specify the x and y extents of the image object.
xdata = 10:20;
ydata = 0:0.1:0.5;
inpict = imread('cameraman.tif');
image(xdata,ydata,inpict)
If you want your yaxis flipped the other way, you'll have to do some combination of
inpict = flipud(inpict); % flipping the image prior to display
and/or
set(gca,'ydir','normal') % flip the axes
