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📊 FX Option Expiries — April 9, 2026

📊 FX Option Expiries — April 9, 2026

■ Spot Levels

  • EUR/USD: 1.1666
  • USD/JPY: 158.72
  • GBP/USD: 1.3396
  • USD/CHF: 0.7909
  • USD/CAD: 1.3847
  • AUD/USD: 0.7040
  • NZD/USD: 0.5833
  • EUR/GBP: 0.8705

■ Thursday (April 9)

EUR/USD

  • 1.1500 (2.5B)
  • 1.1525 (0.55B)
  • 1.1540 (0.60B)
  • 1.1550 (0.89B)
  • 1.1555 (1.2B)
  • 1.1560 (1.0B)
  • 1.1575 (0.9B)
  • 1.1590 (0.68B)
  • 1.1600 (3.8B) ★ Largest
  • 1.1615 (0.59B)
  • 1.1625 (0.56B)
  • 1.1635 (1.1B)
  • 1.1650 (0.8B)
  • 1.1675 (0.66B)
  • 1.1680 (0.81B)
  • 1.1725 (0.58B)
  • 1.1770 (0.9B)

👉 Spot: 1.1666

✔ 1.1600 is overwhelmingly dominant (3.8B)
👉 Classic “central pin” structure

👉 Even on rallies:
→ Likely capped around 1.1650–1.1680

USD/JPY

  • 158.00 (0.66B)
  • 161.00 (1.3B) ★ Largest

👉 Spot: 158.72

✔ Downside: 158 magnetic pull
✔ Upside: 161 strong target

👉 Upside potential exists, but distance remains significant

GBP/USD

  • 1.3325 (0.54B)
  • 1.3340 (0.70B)

👉 Light positioning
→ Unlikely to drive price action alone

USD/CHF

  • 0.7800 (1.1B)

👉 Potential pin level

AUD/USD

  • 0.6980 (0.58B)
  • 0.7050 (1.6B) ★ Largest
  • 0.7155 (0.7B)
  • 0.7175 (1.0B)

👉 Spot: 0.7040

✔ Strong magnet at 0.7050
👉 Clear pinning structure

EUR/GBP

  • 0.8800 (1.0B)

■ Friday (April 10)

EUR/USD

  • 1.1520 (0.83B)
  • 1.1530 (1.1B)
  • 1.1700 (0.9B)
  • 1.1740 (0.6B)
  • 1.1800 (1.3B)

👉 Distribution on both sides
→ More room for directional movement

USD/JPY

  • 158.00 (1.9B) ★ Largest
  • 160.00 (0.97B)

👉 Strong gravitational pull toward 158

GBP/USD

  • 1.3500 (0.57B)

USD/CAD

  • 1.3815 (0.51B)

EUR/GBP

  • 0.8700 (0.6B)

■ Overall Structure (Key Takeaways)

EUR/USD

👉 1.1600 (3.8B)

＝ Strong central pin market

USD/JPY

👉 158 (downside) vs 161 (upside)

＝ Range structure with upside potential

AUD/USD

👉 0.7050 (1.6B)

＝ High-probability pin level

🎯 Trading Implications

✔ EUR/USD
→ Not a trend market
→ Focus on mean reversion toward the center (1.1600)

✔ USD/JPY
→ Buy dips favored
→ ⚠️ Watch for breakdown below 158

✔ AUD/USD
→ 0.7050 pin trade = highest probability setup

■ Final Insight

👉 This is a textbook
“option-dominated, pinning market”

  • Trend trades: ❌ Low probability
  • Breakouts: ❌ Likely false
  • Mean reversion: ✅ Edge

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