Today’s Option Overview
21 September 2026
Spot Levels
EUR/USD: 1.1475
USD/JPY: 157.00
GBP/USD: 1.3376
USD/CHF: 0.8230
USD/CAD: 1.4005
AUD/USD: 0.7122
NZD/USD: 0.5720
EUR/GBP: 0.8576
Today, 21 September
EUR/USD
• 1.1350 (€882 million)
• 1.1470 (€1.1 billion)
• 1.1500 (€552 million)
The current spot rate is 1.1475.
The closest expiry is 1.1470, around 5 pips below spot. With a sizeable notional of €1.1 billion, 1.1470 is likely to act as the short-term central level into the New York cut.
On the upside, 1.1500 is around 25 pips above spot and is the first upside reference level if EUR/USD holds above 1.1470. Conversely, a clear break below 1.1470 would leave 1.1350 as the next large expiry, although the distance is substantial. In the immediate term, ordinary market flows may become more influential than options.
USD/JPY
• 155.50 (US$901 million)
• 156.00 (US$720 million)
• 157.00 (US$2.5 billion) — largest
The current spot rate is 157.00.
The largest expiry is US$2.5 billion at 157.00, exactly in line with spot.
The most important level today is therefore 157.00. Into the New York cut, price action is likely to remain pinned around this level or trade back and forth within a narrow range.
If USD/JPY breaks clearly below 157.00 and holds there, 156.00 and then 155.50 become downside reference levels. However, both are some distance from spot, so the battle around 157 is likely to remain the main focus.
USD/CHF
• 0.8300 (US$543 million)
The current spot rate is 0.8230.
The 0.8300 expiry is around 70 pips above spot, limiting any direct pinning effect today. It becomes an upside target if dollar strength continues.
GBP/USD, USD/CAD, AUD/USD, NZD/USD and EUR/GBP
There are no notable large option expiries today.
Next Business Day, 22 September
EUR/USD
• 1.1425 (€564 million)
• 1.1500 (€2.0 billion) — largest
• 1.1595 (€550 million)
• 1.1600 (€575 million)
The current spot rate is 1.1475.
Tomorrow’s largest expiry is €2.0 billion at 1.1500, around 25 pips above spot. Given both its size and proximity, it is the most important level heading into the next business day.
As EUR/USD approaches 1.1500, price action may become constrained. Whether the pair can break clearly above that level will be the key test for continued upside. On the downside, 1.1425 is the first reference level, around 50 pips below spot.
USD/JPY
• 157.00 (US$1.0 billion)
• 158.00 (US$1.9 billion) — largest
The current spot rate is 157.00.
There is a US$1.0 billion expiry at 157.00, keeping this level important into the next business day. In addition, a large US$1.9 billion expiry is set at 158.00, creating potential upside interest towards 158 if USD/JPY can hold above 157.
AUD/USD
• 0.7050 (A$581 million)
The current spot rate is 0.7122.
The 0.7050 expiry is around 72 pips below spot, limiting its short-term pinning effect. It is a downside reference level if Australian dollar selling develops.
Overall Structure
• Today’s key level is USD/JPY 157.00, where a US$2.5 billion expiry sits exactly at spot.
• In EUR/USD, 1.1470 (€1.1 billion) is close to spot and is the day’s short-term central level.
• Tomorrow, focus shifts to EUR/USD 1.1500 (€2.0 billion) and USD/JPY 158.00 (US$1.9 billion).
• The key questions are whether USD/JPY can hold above 157.00 and whether EUR/USD can recover from 1.1470 towards 1.1500.
Trading Strategy
EUR/USD
• Focus on 1.1470 today.
• If 1.1470 holds, 1.1500 becomes the upside level to watch.
• If 1.1470 breaks, tomorrow’s 1.1425 expiry is the next downside reference.
USD/JPY
• Prioritise range trading around 157.00 into the New York cut.
• If 157.00 holds, there is potential for an advance towards tomorrow’s 158.00 expiry.
• A clear break below 157.00 would raise the risk of a move towards 156.00.
Summary
Today’s main focus is the US$2.5 billion USD/JPY expiry at 157.00, which is exactly in line with spot. In EUR/USD, 1.1470 is the short-term central level, while tomorrow’s €2.0 billion expiry at 1.1500 is the key upside reference level.
