Today’s Option Expiries | July 23, 2026
■ Spot Prices
EUR/USD: 1.1433
USD/JPY: 163.07
GBP/USD: 1.3385
USD/CHF: 0.8130
USD/CAD: 1.4063
AUD/USD: 0.7013
NZD/USD: 0.5816
EUR/GBP: 0.8539
■ Today’s Expiries | July 23
EUR/USD
・1.1300 (€620M)
・1.1370 (€790M)
● 1.1400 (€2.0B) Largest
● 1.1450 (€2.1B) Largest
・1.1460 (€1.3B)
・1.1465 (€680M)
・1.1475 (€720M)
● 1.1500 (€1.2B)
・1.1510 (€710M)
・1.1550 (€710M)
Spot is currently 1.1433.
Large option expiries are concentrated close to the current market at:
● 1.1400 (€2.0B)
● 1.1450 (€2.1B)
The 1.1400–1.1450 area is likely to form the main trading range for today.
USD/JPY
・162.50 ($530M)
・162.75 ($780M)
● 163.00 ($1.2B) Largest
・163.65 ($740M)
・164.00 ($580M)
Spot is currently 163.07.
A large option expiry is positioned at 163.00, very close to the current market, making it a potential center of gravity for today’s trading.
GBP/USD
・1.3400 (£550M)
Spot is currently 1.3385.
The 1.3400 area may attract some attention, although the expiry is relatively limited in size.
USD/CHF
● 0.8100 ($1.1B)
Spot is currently 0.8130.
The 0.8100 level is likely to be watched as an important downside reference point.
USD/CAD
No significant large expiries today.
AUD/USD
・0.6900 (A$470M)
● 0.6930 (A$1.2B)
・0.7000 (A$560M)
・0.7070 (A$530M)
Spot is currently 0.7013.
The 0.7000 level remains an important psychological threshold, while the large expiry at 0.6930 may become relevant if the pair moves lower.
NZD/USD
No significant large expiries today.
EUR/GBP
No significant large expiries today.
■ Next Business Day Expiries | July 24
EUR/USD
・1.1325 (€930M)
・1.1350 (€980M)
● 1.1430 (€1.2B)
・1.1450 (€1.0B)
・1.1480 (€580M)
・1.1500 (€1.0B)
● 1.1600 (€2.1B) Largest
USD/JPY
● 162.00 ($2.3B) Largest
・162.50 ($830M)
・163.00 ($560M)
・163.30 ($1.0B)
AUD/USD
● 0.7025 (A$1.5B) Largest
・0.7080 (A$1.4B)
・0.7150 (A$630M)
■ Overall Market Structure
・EUR/USD has very large option expiries concentrated between 1.1400 and 1.1450.
・USD/JPY is likely to remain centered around the 163.00 strike today.
・AUD/USD is trading around the 0.7000 threshold, with large expiries positioned at 0.6930 today and 0.7025 on the next business day.
・For tomorrow, the main levels to watch are USD/JPY at 162.00, EUR/USD at 1.1600, and AUD/USD at 0.7025.
■ Trading Strategy
EUR/USD
・Focus on the 1.1400–1.1450 range.
・A range-trading approach may remain effective until either boundary is broken decisively.
USD/JPY
・Expect a battle around the 163.00 level.
・Option-related flows may limit price movement in the lower 163 area.
AUD/USD
・The 0.7000 level remains the key dividing line.
・Holding above it would support a relatively firm tone, while a break below could shift attention toward 0.6930.
■ Summary
Today’s key option levels are:
● EUR/USD 1.1450 (€2.1B)
● EUR/USD 1.1400 (€2.0B)
● USD/JPY 163.00 ($1.2B)
● AUD/USD 0.6930 (A$1.2B)
● USD/CHF 0.8100 ($1.1B)
Option interest is heavily concentrated in EUR/USD today, with the 1.1400–1.1450 range likely to act as the main center of gravity.
USD/JPY also has a large expiry at 163.00, meaning price action may remain sensitive to this level ahead of the New York cut.
