Today’s Option Overview 28 August 2026
Spot Prices
EUR/USD: 1.1643
USD/JPY: 159.53
GBP/USD: 1.3584
USD/CHF: 0.8049
USD/CAD: 1.3851
AUD/USD: 0.7193
NZD/USD: 0.5956
EUR/GBP: 0.8567
Today, 28 August
EUR/USD
・1.1575 (€528 million)
・1.1600 (€812 million)
・1.1625 (€765 million)
● 1.1650 (€1.16 billion) Largest
・1.1680 (€759 million)
・1.1725 (€840 million)
The current price is 1.1643.
Today’s largest option is €1.16 billion at 1.1650. It is only around 7 pips above the current price, making 1.1650 the level most likely to attract price action or encourage consolidation into the New York cut.
If EUR/USD breaks clearly above and holds above 1.1650, 1.1680 becomes the next upside reference point. Conversely, if 1.1650 caps the pair and 1.1625 breaks, downside pressure toward 1.1600 may increase.
USD/JPY
● 158.20 ($1.1 billion) Largest
・161.00 ($665 million)
The current price is 159.53.
The 158.20 strike is around 133 pips below spot, while 161.00 is around 147 pips above. Both are some distance from the current price.
There are no major options close to the current USD/JPY level today, so New York cut-related pinning is likely to be limited. If the pair remains in the 159 range and yen selling continues, 161.00 may become an upside target. If the decline accelerates, 158.20 is the key downside reference level.
GBP/USD
● 1.3700 (£832 million) Largest
The current price is 1.3584.
The strike is around 116 pips above spot, limiting its direct impact today. It remains relevant as an upside target if sterling strengthens substantially.
USD/CHF
● 0.8000 ($1.5 billion) Largest
The current price is 0.8049.
This large option is around 49 pips below spot. If USD/CHF remains soft, downside pressure toward 0.8000 may increase.
USD/CAD, AUD/USD, NZD/USD, and EUR/GBP
No notable large option expiries are reported.
Next Business Day, 31 August
EUR/USD
● 1.1600 (€1.9 billion) Largest
・1.1650 (€709 million)
・1.1652 (€997 million)
・1.1675 (€1.2 billion)
・1.1680 (€717 million)
・1.1725 (€650 million)
The current price is 1.1643.
The largest option for the start of next week is €1.9 billion at 1.1600, around 43 pips below spot.
The nearest strikes are 1.1650 and 1.1652, totaling around €1.7 billion. The 1.1650 area is therefore likely to be the short-term focal point into the start of the week.
If EUR/USD breaks above the 1.1650 range, the cluster at 1.1675–1.1680 becomes the next key area. If the pair declines below around 1.1625, the large 1.1600 option becomes a strong downside target.
USD/JPY
● 159.00 ($2.0 billion) Largest
・159.50 ($620 million)
・159.65 ($1.0 billion)
・159.68 ($781 million)
・159.70 ($676 million)
The current price is 159.53.
The option structure for the start of next week is particularly important.
There is $620 million at 159.50 near spot, while options totaling around $2.46 billion are concentrated between 159.65 and 159.70. In addition, the largest option, $2.0 billion, is at 159.00.
This setup makes an option-driven range between 159.00 and 159.70 likely at the start of the week.
If USD/JPY holds above 159.50, it may test the 159.65–159.70 area. A break below 159.50 would increase the likelihood of a move back toward 159.00.
AUD/USD
● 0.7120 (A$558 million) Largest
The current price is 0.7193.
The strike is around 73 pips below spot, limiting its direct influence at the start of the week. However, 0.7120 will be an important downside reference if AUD/USD declines.
Overall Structure
・For EUR/USD today, 1.1650 is the most important level, only around 7 pips from spot.
・USD/JPY has no major nearby options today, so broader direction is more important.
・At the start of next week, USD/JPY has concentrated options at 159.00, 159.50, and 159.65–159.70, making it the pair most likely to be option-driven.
・For EUR/USD next week, 1.1650 is the central level, with 1.1675–1.1680 above and 1.1600 below as key areas.
Trading Strategy
EUR/USD
・Today, watch for a move back toward 1.1650.
・A clear break above 1.1650 brings 1.1680 into focus.
・A break below 1.1625 warrants caution for a decline toward 1.1600.
USD/JPY
・Today, option-related pinning is limited; prioritize U.S. yields and broad dollar direction.
・At the start of next week, favor a range strategy between 159.00 and 159.70.
・Holding above 159.50 favors a move toward 159.65–159.70, while a break below 159.50 brings 159.00 into focus.
