Today’s Option Market Overview 21 August 2026
■ Spot Prices
EUR/USD: 1.1692
USD/JPY: 158.94
GBP/USD: 1.3645
USD/CHF: 0.7997
USD/CAD: 1.3763
AUD/USD: 0.7144
NZD/USD: 0.5969
EUR/GBP: 0.8568
■ Today, 21 August
EUR/USD
・1.1500 (€1.0 billion)
・1.1550 (€1.3 billion)
・1.1555 (€1.0 billion)
・1.1595 (€878 million)
・1.1600 (€1.1 billion)
・1.1625 (€895 million)
・1.1640 (€748 million)
・1.1685 (€1.2 billion)
● 1.1800 (€1.4 billion) Largest
The current price is 1.1692.
Today’s largest option is:
● 1.1800 (€1.4 billion) Largest
However, this level is around 108 pips above the current price, so its direct pull into the New York cut is likely to be limited.
The most important short-term level is:
● 1.1685 (€1.2 billion)
This option is only around 7 pips below the current price. A return toward, and consolidation around, 1.1685 may be favored into the New York cut.
If EUR/USD breaks clearly below 1.1685, the 1.1640–1.1625 area becomes the next downside zone. If the advance continues, 1.1800 may emerge as an upside target ahead of the weekend.
USD/JPY
・158.00 ($614 million)
● 159.00 ($901 million) Largest
The current price is 158.94.
Today’s largest option is:
● 159.00 ($901 million) Largest
This level is only around 6 pips above the current price, making it one of the clearest option setups today. A move toward—and potential pinning around—159.00 may be in focus into the New York cut.
If the pair breaks clearly above and holds above 159.00, buybacks may accelerate after moving beyond this option-related threshold. Conversely, if the pair is capped between 158.90 and 159.00, caution is needed for a correction toward 158.00.
USD/CAD
● 1.3900 ($613 million) Largest
The current price is 1.3763.
This level is around 137 pips above the current price, so direct option-related influence today is likely to be limited. If strong dollar buying and Canadian dollar selling emerges, 1.3900 may become an upside target.
GBP/USD, USD/CHF, AUD/USD, NZD/USD, and EUR/GBP
There are no notable large options.
■ Next Business Day, 24 August
EUR/USD
・1.1500 (€1.2 billion)
● 1.1640 (€1.3 billion) Largest
・1.1650 (€1.0 billion)
・1.1675 (€620 million)
・1.1680 (€659 million)
・1.1700 (€614 million)
The current price is 1.1692.
The largest option for the next business day is:
● 1.1640 (€1.3 billion) Largest
This is around 52 pips below the current price, but options are also clustered nearby at 1.1675, 1.1680, and 1.1700.
Looking into the start of next week, the 1.1675–1.1700 range is likely to be the first key area. A break below 1.1675 could bring 1.1650 and then the largest option level at 1.1640 into focus.
USD/JPY
● 157.85 ($542 million) Largest
The current price is 158.94.
This level is around 109 pips below the current price, so its pinning effect at the start of next week is likely to be limited. However, if USD/JPY breaks clearly below 158.00, 157.85 may become a downside target.
AUD/USD
● 0.7120 (AUD604 million) Largest
The current price is 0.7144.
This level is around 24 pips below the current price, making a correction or return toward 0.7120 likely to be in focus at the start of next week. Whether AUD/USD can hold above 0.7120 will be key to assessing near-term Australian dollar strength.
■ Overall Structure
・Today’s most important level is USD/JPY 159.00, with $901 million in option interest close to the current price.
・EUR/USD 1.1685 (€1.2 billion) is extremely close to the current price and represents the key short-term level.
・EUR/USD 1.1800 is the largest option, but it is distant and is more relevant as an upside target if the rally continues.
・At the start of next week, watch EUR/USD 1.1675–1.1700 and AUD/USD 0.7120.
■ Trading Strategy
EUR/USD
・Focus on price action around 1.1685 today.
・A break below 1.1685 could open the way toward 1.1640–1.1650.
・If the rally continues, 1.1800 is the major upside target.
USD/JPY
・Prioritize a range strategy and potential return toward 159.00 into the New York cut.
・A clear break and sustained move above 159.00 will be the key threshold for continued upside.
・Below 158.00, 157.85 becomes a downside reference level for next week.
AUD/USD
・Watch for a correction toward 0.7120 into the start of next week.
・If 0.7120 holds, the buy-on-dips bias in the Australian dollar is likely to remain intact.
