Insights 
VT 
Usd Jpy Options Levels
For the FX option expiries on 3rd October at the New York cut, the following details are relevant.
For EUR/USD, the expiries include notable levels at 1.1500 with 1.4 billion, 1.1700 with 2.3 billion, 1.1800 with 1.7 billion, and 1.1850 with 1.5 billion. Additional key points are at 1.1855 with 1.2 billion and 1.1875 with 1.4 billion.
In the USD/JPY position, options are recorded at 145.00 amounting to 985 million, 146.00 at 1.3 billion, 147.00 at 1.4 billion, and 148.00 also at 1.4 billion.
For the AUD/USD pair, options are at 0.6540 with a value of 778 million, 0.6550 at 746 million, and 0.6600 with 2.1 billion. The USD/CAD pair includes an option at 1.3860 for 837 million USD.
For the EUR/GBP, there is an option at 0.8800 amounting to 976 million. These figures highlight the volume of financial activity in FX options for the respective currency pairs.
With today’s large option expiries passing, we anticipate a release of pent-up price action in the coming weeks. The heavy concentration in EUR/USD between 1.1700 and 1.1875 has likely kept the pair contained. Now that this gravity is gone, the market can react more freely to fundamentals, such as last month’s US jobs report which showed a slight cooling in the labor market with 155,000 jobs added.
Aud Usd Levels and Sentiments
For USD/JPY, the cluster of expiries from 146.00 to 148.00 will no longer act as a barrier. We must remain vigilant for official comments from Tokyo, as this zone has historically drawn verbal intervention, similar to what we saw back in late 2024 when the pair approached the 150.00 level. The Bank of Japan’s patient stance on policy tightening continues to contrast sharply with the Federal Reserve’s position, even as the Fed holds rates steady.
The massive 2.1 billion AUD expiry at 0.6600 in AUD/USD is a key level to watch now that it has passed. Positive sentiment is building from recent Chinese industrial production figures, which showed a modest recovery in September 2025. This could provide a tailwind for the Aussie dollar, allowing it to push higher without the weight of the option barrier.
We also note the significant expiries in USD/CAD at 1.3860 and EUR/GBP at 0.8800. The removal of these levels could see pairs like USD/CAD become more sensitive to moves in WTI crude oil, which has found a stable base around $85 per barrel. Traders should now focus on diverging economic data between the respective currency blocs.
