G10 FX option implied volatility warns against complacency - standing firm by longer term highs, despite a relatively quiet session before major U.S. holidays. One-month USD related options implied volatilities benefit from the inclusion of December"s U.S. Federal Reserve policy decision, as do GBP and EUR from UK and euro zone announcements. One-month EUR/USD implied volatility setbacks were limited to 6.8 from 7.0 as FX recovered from another new cycle low at 1.1226. While price action reflects stalling downside progress and barriers, it also shows a market wary of deeper EUR/USD declines. USD/JPY subjected to more paring of JPY call (downside) strikes, with higher implied volatility since the breach of 115.00 barriers. GBP/USD suffers beside broader USD as EUR/GBP struggles below 0.8400. Implied volatility sits just below recent highs, with one-month GBP/USD trading below historic volatility to suggest potential value over December Fed and BoE. Big gains for overnight expiry NZD-related implied volatility warns of volatility risk surrounding Wednesday"s RBNZ policy decision. Huge leap in USD/TRY one-month implied volatility from 35.0 to 50.0, with low delta USD/TRY calls showing their worth amid the latest lira slump. For more click on FXBUZ Richard Pace is a Reuters market analyst. The views expressed are his own