Overview of G10 currency options expiration scale: USD/JPY is densely distributed near the 160 level

⑴ At 10 a.m. New York time on Wednesday, a batch of large G10 currency pair options will expire. Among them, there is a massive accumulation of expiring contracts near the 160 round number level for USD/JPY, with the 160.00–160.10 range reaching $1.8 billion. Additionally, there are contracts totaling $3.4 billion expiring at 159.25 and 159.60. ⑵ For EUR/USD, there are $1.4 billion and $1.6 billion options expiring at the 1.1600 and 1.1650–1.1655 price levels, respectively, forming key short-term technical boundaries for euro volatility. ⑶ AUD/USD sees AU$900 million and AU$747 million options expiring at 0.7120 and 0.7150, respectively, while EUR/JPY has €1.1 billion expiring at 183.80, marking concentrations in exercise prices for each pair. ⑷ Large-scale option expiries may help stabilize spot exchange rates around strike prices to some extent, while the actions of market makers adjusting hedge positions prior to expiration may amplify or restrain short-term exchange rate fluctuations. The market is also closely watching whether implied volatility premiums adequately reflect current geopolitical risks and macro uncertainties.