📊 FX Option Expiries — April 1, 2026 (NY Cut)

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■ Spot

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■ Wednesday (April 1)

EUR/USD

• 1.1450 (3.6B)
• 1.1500 (6.3B)
• 1.1505 (1.5B)
• 1.1525 (1.1B)
• 1.1600 (1.1B)
• 1.1625 (2.6B)
• 1.1650 (3.2B)
• 1.1700 (3.6B) ★ Massive

👉 Spot: 1.1574

✔ Downside: 1.1450–1.1500 (heavy zone)
✔ Upside: 1.1625–1.1700 (massive zone)

👉 Clearly a “sandwiched range market” (range-locked)

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USD/JPY

• 156.50 (2.2B) ★ Largest
• 158.00 (530M)
• 159.10 (760M)

👉 Spot: 158.71

✔ Downside: 156.50 dominates
✔ Upside: lighter resistance near 159

👉 Sell-on-rally structure

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GBP/USD

• 1.3000 (550M)
• 1.3320 (650M)
• 1.3475 (820M)

👉 Mid-range (~1.325)
→ No clear direction

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USD/CHF

• 0.7885 (650M)

👉 Downward magnetic pull

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USD/CAD

• 1.3900 (630M)

👉 Spot exactly at strike
→ Fully pinned level

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AUD/USD

• 0.6800 (1.7B) ★ Largest
• 0.6900 (530M)
• 0.7035 (870M)
• 0.7050 (500M)

👉 Spot: 0.6912

✔ Downside: 0.6800
✔ Upside: 0.7035

👉 Range-bound structure

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■ Thursday (April 2)

EUR/USD

• 1.1400 (930M)
• 1.1450 (550M)
• 1.1500 (1.3B)
• 1.1540 (780M)
• 1.1590 (620M)
• 1.1650 (1.3B)

👉 More distributed than prior day
→ Range continues, but with slightly more flexibility

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USD/JPY

• 157.00 (1.5B) ★ Strong
• 159.00 (920M)
• 160.00 (1.0B)
• 160.50 (580M)

👉 Range confirmed: 157–160

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USD/CAD

• 1.3705 (730M)
• 1.3825 (560M)

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AUD/USD

• 0.6800 (890M)
• 0.6900 (660M)
• 0.7025 (740M)

👉 Range maintained: 0.68–0.70

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■ Overall Structure (Key)

EUR/USD

👉 Large option clusters both above and below

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👉 No trend zone (range-dominant environment)

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USD/JPY

👉 Downside (156–157) is extremely strong

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👉 Upside limited → sell-on-rally bias

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AUD/USD

👉 Anchored at 0.6800

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👉 Range trading is optimal

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🎯 Trading Conclusion

✔ Trend trading → ❌ Ineffective
✔ Breakout trading → ❌ High probability of false moves

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👉 Optimal strategy:

“Trade rotations within option-defined ranges”

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📌 One-Line Summary

👉 “Heavy option clusters on both sides — fully range-controlled market.”