Today’s Option Expiries | July 21, 2026
■ Spot Prices
EUR/USD: 1.1422
USD/JPY: 162.50
GBP/USD: 1.3449
USD/CHF: 0.8096
USD/CAD: 1.4071
AUD/USD: 0.7010
NZD/USD: 0.5861
EUR/GBP: 0.8490
■ Today’s Expiries | July 21
EUR/USD
・1.1300 (€1.3B)
・1.1325 (€680M)
● 1.1400 (€2.6B)
・1.1445 (€640M)
・1.1450 (€1.2B)
・1.1475 (€1.5B)
・1.1480 (€1.0B)
・1.1485 (€1.6B)
● 1.1500 (€1.9B) Largest
・1.1550 (€680M)
Spot is currently 1.1422.
Option interest is concentrated near the current market at:
● 1.1400 (€2.6B)
・1.1445 (€640M)
・1.1450 (€1.2B)
The 1.1400 level is likely to provide strong support, while the 1.1450 area may act as the upper boundary of the near-term range.
USD/JPY
・160.85 ($760M)
・161.25 ($600M)
・162.00 ($680M)
● 163.45 ($3.4B) Largest
・163.50 ($530M)
Spot is currently 162.50.
A very large option expiry is positioned at 163.45, although the strike remains some distance above the current market.
GBP/USD
No significant large expiries today.
USD/CHF
● 0.8075 ($670M)
Spot is currently 0.8096.
The 0.8075 level is likely to act as an important downside reference point.
USD/CAD
・1.4000 ($610M)
・1.4125 ($830M)
Spot is currently 1.4071.
The 1.4125 area may act as upside resistance, while 1.4000 is likely to provide downside support.
AUD/USD
● 0.6925 (A$1.9B) Largest
・0.7000 (A$570M)
Spot is currently 0.7010.
The 0.7000 level is an important psychological threshold and may act as near-term support.
NZD/USD
No significant large expiries today.
EUR/GBP
No significant large expiries today.
■ Next Business Day Expiries | July 22
EUR/USD
・1.1350 (€520M)
● 1.1400 (€3.4B) Largest
・1.1500 (€910M)
USD/JPY
・162.50 ($930M)
・163.00 ($1.3B)
・163.50 ($900M)
USD/CHF
・0.8075 ($670M)
USD/CAD
・1.4075 ($670M)
AUD/USD
● 0.6900 (A$1.8B) Largest
■ Overall Market Structure
・EUR/USD has a major €2.6 billion expiry at 1.1400, making this the most important level for today.
・USD/JPY has more meaningful option interest concentrated in the 163 area on the next business day than around today’s spot price.
・AUD/USD is trading close to 0.7000, while a large expiry at 0.6900 is scheduled for tomorrow.
・USD/CAD is likely to remain sensitive to the 1.4000–1.4125 range.
■ Trading Strategy
EUR/USD
・Expect range-bound trading centered around 1.1400.
・Be alert to renewed selling pressure near 1.1450.
USD/JPY
・The pair may continue to trade around the mid-162s.
・If USD/JPY approaches the 163 area, option-related flows may become more influential.
AUD/USD
・Watch whether the pair can remain above 0.7000.
・A break below this level could shift attention toward 0.6925.
■ Summary
Today’s key option levels are:
● EUR/USD 1.1400 (€2.6B)
● EUR/USD 1.1500 (€1.9B)
● USD/JPY 163.45 ($3.4B)
● AUD/USD 0.6925 (A$1.9B)
The main focus today is EUR/USD at 1.1400, where a large €2.6 billion expiry is concentrated.
Price action may remain centered around this level ahead of the New York cut.
For USD/JPY, the larger option concentration is positioned in the 163 area for the next business day. If the pair moves higher, the battle around 163 may become increasingly important.
