Today’s Option Overview
2 September 2026
Spot Prices
EUR/USD: 1.1581
USD/JPY: 159.85
GBP/USD: 1.3500
USD/CHF: 0.8125
USD/CAD: 1.3912
AUD/USD: 0.7142
NZD/USD: 0.5841
EUR/GBP: 0.8574
Today, 2 September
EUR/USD
・1.1600 (€1.4 billion)
・1.1650 (€1.1 billion)
・1.1655 (€510 million)
・1.1675 (€569 million)
● 1.1700 (€2.0 billion) Largest
The current price is 1.1581.
The largest option is €2.0 billion at 1.1700, but it is around 119 pips above the current price, so its direct influence today is limited.
In the short term, 1.1600, around 19 pips above the current price, is the first level to watch. Whether EUR/USD can break above and hold 1.1600 will be key to judging whether the rebound can continue.
A move above 1.1600 would bring 1.1650 into focus. On the other hand, if EUR/USD is capped at 1.1600, there are few notable options below the current level, so caution is warranted as the market may become more vulnerable to further dollar strength.
USD/JPY
・159.25 ($1.4 billion)
● 159.50 ($1.9 billion) Largest
・160.00 ($1.3 billion)
The current price is 159.85.
Today’s largest option is $1.9 billion at 159.50, around 35 pips below the current price.
Above the market, there is a $1.3 billion option at 160.00, only around 15 pips above the current level.
Accordingly, the 160.00–159.50 range is likely to be a key focus today. If USD/JPY can break clearly above and hold 160.00, dollar buying may gain momentum beyond the option barrier.
Conversely, if the pair is capped at 160.00 and falls below around 159.70, caution is needed for a correction toward the largest option at 159.50.
GBP/USD
● 1.3550 (£633 million) Largest
The current price is 1.3500.
The option is around 50 pips above the current price, so its short-term pinning effect is limited. If GBP/USD rebounds, 1.3550 will be watched as an upside target.
USD/CAD
● 1.3800 ($575 million) Largest
The current price is 1.3912.
The option is around 112 pips below the current price, so its direct effect today is limited. It will be watched as a downside reference if USD/CAD turns lower.
AUD/USD
・0.7120 (AUD 900 million)
● 0.7150 (AUD 747 million) Largest
The current price is 0.7142.
The 0.7150 level is only around 8 pips above the current price and is the most important short-term level.
Into the New York cut, a move toward and consolidation around 0.7150 may be favored. If AUD/USD cannot break above 0.7150, caution is needed for a correction toward 0.7120.
EUR/GBP
● 0.8615 (€605 million) Largest
The current price is 0.8574.
The option is around 41 pips above the current price. It will be watched as an upside target if EUR/GBP rises on euro strength and pound weakness.
USD/CHF and NZD/USD
There are no notable large options.
Next Business Day, 3 September
EUR/USD
・1.1600 (€1.06 billion)
・1.1610 (€639 million)
● 1.1625 (€1.5 billion) Largest
・1.1650 (€894 million)
・1.1675 (€1.06 billion)
The current price is 1.1581.
Tomorrow’s largest option is €1.5 billion at 1.1625, around 44 pips above the current price.
There are options at 1.1600 for both today and tomorrow, making a recovery and sustained move above 1.1600 the first key point.
If EUR/USD breaks above 1.1600, 1.1610 and then 1.1625 become upside targets. A break above 1.1625 would bring the 1.1650–1.1675 area into focus as the next upside zone.
USD/JPY
・159.00 ($1.4 billion)
● 160.00 ($1.7 billion) Largest
The current price is 159.85.
Tomorrow, there is a large $1.7 billion option at 160.00. It is only around 15 pips above the current price, making a move toward and consolidation around 160.00 a strong focus.
However, 160.00 is also a psychological threshold where intervention concerns can intensify. Even if the pair moves above 160, it will be important to judge carefully whether gains can continue or whether the market is capped ahead of the option level.
Overall Structure
・Today’s USD/JPY has large options at 160.00 and 159.50, making the range around 160 the central focus.
・Tomorrow’s USD/JPY has a $1.7 billion option at 160.00, keeping this level as the most important focus.
・For EUR/USD, 1.1600 is the first key resistance level for both today and tomorrow.
・AUD/USD has 0.7150 very close to the current price, making short-term pinning around this level likely.
Trading Strategy
EUR/USD
・Focus first on a recovery of 1.1600.
・A break above 1.1600 would bring 1.1625, then 1.1650 into focus.
・If capped at 1.1600, remain alert to accelerated downside movement driven by dollar strength.
USD/JPY
・Focus on the 160.00–159.50 range.
・If USD/JPY breaks clearly above and holds 160.00, tomorrow’s large option at 160.00 may also come into focus, allowing gains to continue.
・If the pair turns lower from 160.00 and breaks below around 159.70, watch for a correction toward 159.50.
