Today’s Option Overview 31 August 2026
Spot Prices
EUR/USD: 1.1586
USD/JPY: 159.83
GBP/USD: 1.3544
USD/CHF: 0.8093
USD/CAD: 1.3896
AUD/USD: 0.7163
NZD/USD: 0.5913
EUR/GBP: 0.8554
Today, 31 August
EUR/USD
● 1.1600 (€2.9 billion) Largest
・1.1610 (€1.0 billion)
・1.1625 (€1.7 billion)
・1.1650 (€729 million)
・1.1675 (€1.4 billion)
・1.1680 (€797 million)
・1.1725 (€650 million)
The current price is 1.1586.
Today’s largest option is €2.9 billion at 1.1600. This is only around 14 pips above the current price, making it an exceptionally large and nearby expiry.
The most likely scenario into the New York cut is a move back toward 1.1600 and price consolidation around that level.
If EUR/USD breaks clearly above 1.1600, 1.1610 becomes the first upside reference, followed by 1.1625, where €1.7 billion in options is concentrated. If the pair reaches 1.1625, the option concentration may limit further upside.
Conversely, if EUR/USD fails to move back toward 1.1600 and breaks below the 1.1580 area, option support is limited and a deeper downside correction may develop.
USD/JPY
● 159.00 ($2.0 billion) Largest
・159.50 ($620 million)
・159.65 ($1.0 billion)
・159.68 ($962 million)
・159.70 ($676 million)
The current price is 159.83.
Today’s largest option is $2.0 billion at 159.00, around 83 pips below the current price.
The key short-term area is 159.70, around 13 pips below spot. Options totaling around $2.6 billion are concentrated between 159.65 and 159.70, making a move back toward this zone likely to be considered into the New York cut.
If 159.70 holds, USD/JPY may remain firm just below 160.00. Conversely, a clear break below 159.65 would bring 159.50 into focus, followed by a possible correction toward the largest expiry at 159.00.
AUD/USD
● 0.7120 (A$558 million) Largest
The current price is 0.7163.
The strike is around 43 pips below spot and provides a downside reference if AUD/USD weakens. However, it is unlikely to have as strong a direct pinning effect as the options in EUR/USD or USD/JPY.
GBP/USD, USD/CHF, USD/CAD, NZD/USD, and EUR/GBP
No notable large option expiries are reported.
Next Business Day, 1 September
EUR/USD
・1.1500 (€643 million)
・1.1540 (€528 million)
・1.1590 (€655 million)
● 1.1600 (€1.9 billion) Largest
・1.1635 (€735 million)
・1.1650 (€1.8 billion)
The current price is 1.1586.
The following day also has a large €1.9 billion expiry at 1.1600, only around 14 pips above the current price. The 1.1600 level will therefore remain an exceptionally important focal point from today into tomorrow.
If EUR/USD breaks above and holds above 1.1600, 1.1635 and then 1.1650 become upside targets. On the downside, a move below 1.1590 could open the way toward 1.1540.
USD/JPY
・159.68 ($626 million)
● 161.00 ($595 million) Largest
The current price is 159.83.
The 159.68 strike remains close to the current price, around 15 pips below, making it an important short-term reference point for the following day.
The 161.00 strike is more distant and has limited direct influence for now. However, if USD/JPY breaks clearly above 160.00 and dollar strength accelerates, 161.00 becomes the next upside target.
GBP/USD
● 1.3550 (£503 million) Largest
The current price is 1.3544.
The strike is only around 6 pips above spot, making a move back toward 1.3550 and price consolidation around that level likely into the following day.
USD/CHF
・0.8100 ($556 million)
● 0.8170 ($581 million) Largest
The current price is 0.8093.
The 0.8100 strike is only around 7 pips above spot and is the first key level for the following day. If USD/CHF breaks above and holds above 0.8100, upside potential toward 0.8170 may come into focus.
USD/CAD
● 1.3975 ($580 million) Largest
The current price is 1.3896.
The strike is around 79 pips above spot, limiting short-term influence. It becomes an upside target if dollar strength and Canadian dollar weakness accelerate.
AUD/USD
● 0.7100 (A$731 million) Largest
The current price is 0.7163.
The strike is around 63 pips below spot. If AUD/USD declines, 0.7100 becomes an important downside reference for the following day.
Overall Structure
・Today’s most important EUR/USD level is 1.1600, where €2.9 billion in options is set and which is very close to spot.
・For USD/JPY, large options are concentrated between 159.65 and 159.70, making a move back into this zone from below 160.00 likely to be considered.
・EUR/USD 1.1600 remains important the following day, with 1.1650 above and 1.1540 below as key levels.
・For the following day, 1.3550 in GBP/USD and 0.8100 in USD/CHF are notable nearby option levels.
Trading Strategy
EUR/USD
・Prioritize a move back toward 1.1600 today.
・A break above 1.1600 brings 1.1610 and then 1.1625 into focus.
・If EUR/USD is capped at 1.1600 and breaks below around 1.1580, remain alert to a deeper downside correction.
USD/JPY
・Watch for a move back toward 159.70 and consolidation around this level.
・Holding above 159.65 leaves room for another test of 160.00.
・A clear break below 159.65 warrants caution for downside pressure toward 159.50 and then 159.00.
