The U.S. dollar and the Japanese yen gained ground against their major counterparts in the Asian session on Monday, as persistent concerns about rising coronavirus cases in the region and lagging vaccination efforts dented the risk sentiment.

Over the weekend, China's top disease control official has said that the effectiveness of Chinese coronavirus vaccines was low and authorities are considering options to bolster protection.

Oil prices dropped as worries about the outlook for energy demand amid a continued surge in coronavirus cases weighed on the commodity.

Friday's stronger-than-expected U.S. producer price inflation data supported expectations for higher inflation in the coming months.

In an interview with "60 Minutes" on CBS, Federal Reserve Chair Jerome Powell said that the economy "has brightened substantially" due to faster vaccinations and intensive policy support.

But Powell cautioned that there were risks if a quick reopening leads to a continued rise in coronavirus cases.

Investors will be watching U.S. inflation and retail sales data due this week for more indications about a rebound in the economy.

The greenback spiked higher to 1.1881 against the euro and 0.9267 against the franc, after dropping to 1.1904 and 0.9243, respectively in early deals. The greenback is poised to find resistance around 1.16 against the euro and 0.94 against the franc.

The greenback approached more than a 2-month high of 1.3669 against the pound, up from Friday's close of 1.3702. The currency is likely to find resistance around the 1.35 level.

The greenback edged up to 0.7595 against the aussie, 0.7014 against the kiwi and 1.2568 against the loonie, following its prior lows of 0.7628, 0.7628 and 1.2523, respectively. The next possible resistance for the greenback is seen around 0.74 against the aussie, 0.68 against the kiwi and 1.29 against the loonie.

The yen rose to 76.79 against the kiwi, 83.15 against the aussie and 87.17 against the loonie, recovering from its early lows of 77.27 and 83.69 and a 6-day low low of 87.59, respectively. The yen is seen finding resistance around 74.00 against the kiwi, 80.00 against the aussie and 85.00 against the loonie.

The yen rebounded from an early low of 109.77 against the greenback and a 5-day low of 130.61 against the euro, gaining to 109.47 and 130.14, respectively. Next key resistance for the yen is possibly seen around 108.00 against the greenback and 126.00 against the euro.

The yen appreciated to 118.22 against the franc and 149.76 against the pound, off its early lows of 118.62 and 150.48, respectively. On the upside, 115.00 and 148.00 are likely seen as its next resistance levels against the franc and the pound, respectively.

Looking ahead, Eurozone retail sales for February are due in the European session.

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