FX option expiries for 12 January 10am New York cut

EUR/USD is in a descending trend since the start of the year, with option expiries between 1.1650 and 1.1700 likely adding pressure on price action. The 100-hour moving average sits at 1.1675, and sellers have managed to keep prices below this critical level since last week. The 1.1700 level is reinforced by the 200-hour moving average at 1.1705. Meanwhile, renewed pressure could emerge on the dollar following Trump's comments on the Fed's independence, especially after the jobs report had eased concerns last Friday. Traders should prepare for the crucial US CPI report coming up. For USD/JPY, there's an expiry at the 158.00 level, which isn't technically significant but could help constrain price action amid a struggling dollar. The pair previously held key resistance around 157.75-90 but failed to close above 158.00, raising questions about Friday's breakout potential. This may keep price moves in check during European trading.