Today’s Option Overview
15 September 2026
Spot Levels
EUR/USD: 1.1536
USD/JPY: 154.77
GBP/USD: 1.3483
USD/CHF: 0.8180
USD/CAD: 1.3909
AUD/USD: 0.7122
NZD/USD: 0.5761
EUR/GBP: 0.8553
Today, 15 September
EUR/USD
● 1.1550 (€3.1 billion) — largest
• 1.1560 (€1.3 billion)
• 1.1570 (€580 million)
• 1.1585 (€716 million)
• 1.1600 (€1.5 billion)
• 1.1655 (€1.2 billion)
The current spot level is 1.1536.
The largest expiry at 1.1550 is around 14 pips above spot. At €3.1 billion, it is exceptionally large and represents the most important upside and central level into the New York cut.
If EUR/USD breaks clearly above 1.1550, the next upside levels are 1.1560, 1.1570, and then 1.1600. On the other hand, if 1.1550 caps the upside, there are few notable option expiries below the current level, increasing the risk of a move lower.
USD/JPY
• 153.00 (US$600 million)
• 153.50 (US$687 million)
• 153.95 (US$617 million)
• 154.50 (US$581 million)
● 155.00 (US$707 million) — largest
• 156.00 (US$540 million)
The current spot level is 154.77.
Today’s largest expiry is at 155.00, with a notional value of US$707 million. It is around 23 pips above spot.
Option expiries are clustered between 154.50 and 155.00, making a move toward and potential pinning around 155.00 likely into the New York cut.
A clear break above 155.00 would bring 156.00 into focus as the next upside target. Conversely, a break below 154.50 would raise the risk of a move toward 153.95, 153.50, and then 153.00.
USD/CAD
• 1.3800 (US$796 million)
● 1.4000 (US$3.6 billion) — largest
The current spot level is 1.3909.
There is an exceptionally large US$3.6 billion expiry at 1.4000. While it is around 91 pips above spot, it represents a strong upside target if USD/CAD continues to rise.
On the downside, 1.3800 is the key reference level.
AUD/USD
• 0.7045 (A$1.0 billion)
● 0.7175 (A$1.0 billion) — largest
The current spot level is 0.7122.
The 0.7175 expiry is around 53 pips above spot, while 0.7045 is around 77 pips below. Given its closer proximity, 0.7175 is likely to be the more relevant upside target if the Australian dollar rebounds.
EUR/GBP
● 0.8650 (€664 million) — largest
The current spot level is 0.8553.
The expiry is around 97 pips above spot, limiting its immediate impact. It becomes an upside target if euro strength and sterling weakness accelerate.
GBP/USD, USD/CHF, and NZD/USD
There are no notable large option expiries.
Next Business Day, 16 September
EUR/USD
• 1.1430 (€1.2 billion)
● 1.1595 (€1.4 billion) — largest
• 1.1650 (€1.1 billion)
The current spot level is 1.1536.
The largest expiry tomorrow is at 1.1595, around 59 pips above spot. If EUR/USD breaks above 1.1550, 1.1595 becomes the next upside target.
On the downside, 1.1430 is around 106 pips below spot. It may become a medium-term downside reference level if dollar strength accelerates.
USD/JPY
• 153.00 (US$566 million)
● 154.50 (US$1.4 billion) — largest
• 155.00 (US$814 million)
The current spot level is 154.77.
Tomorrow’s largest expiry is at 154.50, with a notional value of US$1.4 billion. It is around 27 pips below spot, making a pullback toward and potential consolidation around 154.50 relevant into tomorrow.
There is also US$814 million at 155.00, creating a significant short-term range between 154.50 and 155.00.
If USD/JPY breaks above and holds above 155.00, the likelihood of continued upside increases. A break below 154.50 would bring a correction toward 153.00 into view.
AUD/USD
● 0.7130 (A$1.3 billion) — largest
• 0.7150 (A$696 million)
• 0.7175 (A$1.2 billion)
The current spot level is 0.7122.
Tomorrow’s largest expiry is at 0.7130, around 8 pips above spot.
There is also a US$1.2 billion equivalent expiry at 0.7175, creating a series of option levels above spot. Initial price action may gravitate toward 0.7130. If the pair breaks above and holds that level, 0.7150 and 0.7175 become the next upside levels to watch.
Overall Structure
• EUR/USD has an exceptionally large €3.1 billion expiry at 1.1550 today, making it the most important level.
• USD/JPY has a nearby expiry at 155.00 today, acting as a short-term upside and potential pinning point.
• Tomorrow, USD/JPY has US$1.4 billion at 154.50, with the 154.50–155.00 range particularly important.
• Tomorrow’s AUD/USD expiry at 0.7130 is very close to spot and is likely to be the most closely watched short-term level.
Trading Strategy
EUR/USD
• Focus on a move back toward 1.1550 today.
• A clear break above 1.1550 would open room toward 1.1560 and then 1.1600.
• If 1.1550 caps the upside, watch for a move lower driven by broad dollar strength.
USD/JPY
• Focus on the 155.00 area today.
• A clear break above 155.00 would open room toward 156.00.
• A break below 154.50 would bring 153.95, 153.50, and 153.00 into view as successive downside reference levels.
