Today’s Option Overview
14 September 2026
Spot Levels
EUR/USD: 1.1553
USD/JPY: 154.29
GBP/USD: 1.3491
USD/CHF: 0.8186
USD/CAD: 1.3878
AUD/USD: 0.7137
NZD/USD: 0.5780
EUR/GBP: 0.8563
Today, 14 September
EUR/USD
・1.1500 (€1.2 billion)
・1.1550 (€1.2 billion)
・1.1580 (€679 million)
・1.1600 (€1.2 billion)
● 1.1620 (€1.3 billion) — largest
・1.1625 (€1.0 billion)
・1.1645 (€625 million)
The current spot level is 1.1553.
The closest sizeable option expiry today is 1.1550, around 3 pips below spot. With a notional value of €1.2 billion, price action may gravitate toward 1.1550 ahead of the New York cut.
If 1.1550 holds, EUR/USD may have room to rebound toward 1.1580 and 1.1600. Above this, sizeable expiries are clustered at 1.1620 and 1.1625, forming a strong resistance zone on any rise.
Conversely, a clear break below 1.1550 would bring 1.1500 into focus as the next downside reference level.
USD/JPY
● 154.00 (US$863 million) — largest
・156.00 (US$528 million)
The current spot level is 154.29.
The 154.00 expiry is around 29 pips below spot and is the key short-term downside reference level.
If yen buying continues, a move back toward 154.00 is likely to be watched closely. A break below 154.00 could allow the decline to accelerate after the large option level is passed.
On any rebound, 156.00 is the upside target. However, it is around 171 pips above spot, limiting its direct influence today.
NZD/USD
● 0.5750 (NZ$519 million) — largest
The current spot level is 0.5780.
The expiry is around 30 pips below spot. If the New Zealand dollar weakens, a move lower toward 0.5750 may come into focus.
GBP/USD, USD/CHF, USD/CAD, AUD/USD and EUR/GBP
There are no notable large option expiries.
Next Business Day, 15 September
EUR/USD
● 1.1550 (€2.5 billion) — largest
・1.1560 (€1.2 billion)
・1.1600 (€1.5 billion)
・1.1655 (€1.2 billion)
The current spot level is 1.1553.
The following day, there is an exceptionally large €2.5 billion expiry at 1.1550. As it is virtually identical to the current spot level, 1.1550 will remain the most important pivot level into the following day.
If 1.1550 holds, a rise toward 1.1560 and 1.1600 may be expected. Conversely, if 1.1550 breaks clearly, the pair may become more prone to downside movement.
USD/JPY
・153.00 (US$600 million)
・153.50 (US$607 million)
・153.95 (US$617 million)
・154.50 (US$531 million)
● 155.00 (US$707 million) — largest
・156.00 (US$540 million)
The current spot level is 154.29.
The following day, option expiries are spread continuously from 153.00 to 156.00, creating a structure that may encourage range trading, especially between the 153 range and 155.00.
The closest levels to spot are 153.95 and 154.50. In the short term, consolidation in the ¥154 range is likely to be watched.
If USD/JPY breaks above 154.50, 155.00 becomes the next upside target. Conversely, if it falls below 154.00, watch for downside toward 153.95, 153.50, and 153.00.
USD/CAD
・1.3800 (US$796 million)
● 1.4000 (US$3.56 billion) — largest
The current spot level is 1.3878.
There is an exceptionally large US$3.56 billion option expiry at 1.4000. Although it is around 122 pips above spot, it will be a strong upside target if USD/CAD rises.
On the downside, 1.3800 is around 78 pips below spot and is a reference level during any corrective move.
AUD/USD
・0.7045 (A$1.0 billion)
● 0.7175 (A$1.0 billion) — largest
The current spot level is 0.7137.
The 0.7175 expiry is around 38 pips above spot, while 0.7045 is around 92 pips below.
Given their relative distance from spot, 0.7175 is likely to be the more relevant short-term upside target. If AUD/USD rebounds, this level will be an important area of contention.
EUR/GBP
● 0.8650 (€554 million) — largest
The current spot level is 0.8563.
The expiry is around 87 pips above spot and will be an upside target if EUR strengthens against GBP.
Overall Structure
・For EUR/USD, there is a €1.2 billion expiry at 1.1550 today and an even larger €2.5 billion expiry at the same level the following day, making it the most important level for two consecutive days.
・For USD/JPY, 154.00 is today’s key downside reference. The following day, option expiries are concentrated between 153.00 and 155.00.
・For USD/CAD, the following day features an exceptionally large US$3.56 billion expiry at 1.4000.
・For AUD/USD, 0.7175 the following day is relatively close to spot and is an important upside level.
Trading Strategy
EUR/USD
・Expect price action to centre on 1.1550 today.
・If 1.1550 holds, there is room for a rebound toward 1.1580–1.1600.
・If 1.1550 breaks clearly, watch for a correction toward 1.1500.
USD/JPY
・Watch 154.00 as today’s key downside reference level.
・The following day, focus on the ¥154 range, with 154.50–155.00 above and 153.95–153.00 below.
・A break below 154.00 could accelerate yen buying.
