September 24, 2025 – FX Options Overview
EUR/USD (Euro-denominated)
1.1730: €948m
1.1750: €1.4bn
1.1800: €1.7bn
1.1850: €1.2bn
1.1860: €2.0bn Largest
1.1900: €1.2bn
1.2000: €901m
Focus:
The 1.1860 (€2.0bn) strike is the largest concentration.
More than €6bn is clustered between 1.1800–1.1900, forming a very strong resistance band.
Additional size around 1.1750 means significant overhead supply → upside is capped.
GBP/USD (Sterling-denominated)
1.3500: £1.3bn
1.3550: £921m
Focus:
1.3500 is heavily concentrated and likely to act as a pivotal support/resistance line.
USD/JPY (Dollar-denominated)
145.00: $1.8bn Largest
148.50: $979m
Focus:
145.00 ($1.8bn) is the dominant strike and serves as a major support zone.
On the topside, 148.50 ($979m) acts as a cap.
Expect trading to be confined within 145.00–148.50 heading into the NY cut.
AUD/USD (Aussie-denominated)
0.6450: A$1.3bn
0.6600: A$1.0bn
0.6720: A$1.8bn Largest
Focus:
Strong lower magnet at 0.6450 (A$1.3bn) and upper cap at 0.6720 (A$1.8bn).
Well-defined range extremes likely to dominate price action.
USD/CAD (Dollar-denominated)
1.3750: $884m
1.3850: $1.2bn
Focus:
1.3850 ($1.2bn) is a heavy concentration, posing resistance and potential reversal risk.
/ EUR/GBP (Euro-denominated)
0.8780: €569m
Focus:
Medium-size standalone strike, likely to act as an intraday pivot during the European session.
Key Takeaways:
EUR/USD (1.1860 €2.0bn) → Major upside barrier. Strong resistance across 1.18–1.19.
USD/JPY (145.00 $1.8bn) → Firm downside anchor and the most critical support into NY cut.
Expect euro upside to remain capped, while dollar/yen is supported firmly at 145.
