EUR/USD and USD/JPY option expiries set to guide price action on September 21

Two key expiry levels stand out for today's session.

One of them is the EUR/USD expiry at 1.1470. Should broader market drivers remain relatively calm in the coming hours, this setup could keep price action contained and sticky around the 1.1470 area as the cut approaches.

That expiry does not correspond to a major technical level, so its impact is less significant. The nearest technical boundary is the 100-hour moving average, currently at 1.1500.

Thus, the expiry's influence will depend more on its size and proximity to the current spot price. Additionally, there is little else on the European calendar today that could stir broader markets.

The other notable expiry today is for USD/JPY at 157.00. That expiry might encourage more two-way trade and make price action around that level more stubborn as the cut approaches.

However, note that it is a Japanese market holiday, and the same applies for the next two days. In periods of low liquidity like this, intervention risks are heightened, as Tokyo officials have previously stepped in during such conditions. With the yen having weakened notably since last week's BOJ decision, market participants will be watching closely for any appetite from Tokyo to intervene again this week if the trend persists.

Thus, dollar sentiment and intervention risks will continue to be major drivers for USD/JPY. However, with a muted start to the week, the expiries might help keep price action tied to the 157.00 level, at least for today's session.