A series of major foreign exchange (FX) option expiries are scheduled for late May 2025, with notable expiries occurring on May 27 and May 28. The May 28 expiry, set for 22:00 Beijing Time, involves large-scale options for key currency pairs including EUR/USD, USD/JPY, AUD/USD, NZD/USD, and USD/CAD. These expiries feature nine strike prices with over USD 1 billion in open interest, underscoring the importance of managing risk exposure during this period. Market participants are closely monitoring USD/JPY option positioning ahead of the expiries, with FX Q-levels expected to be released. The expiries are significant events for currency traders and could influence market volatility around these dates.