It's a US holiday today so things may be a bit more quiet and subdued before all the action resumes tomorrow.

The dollar is holding up after the gains last Friday, though narrow ranges are prevailing for the most part so far today. The yen is the laggard with USD/JPY climbing up to 114.50 after having traded down to a low of 113.48 on Friday.

The bounce today is modestly encouraging, though the 100-hour moving average @ 114.64 might limit any upside potential for now.

I still reckon yen pairs would make good structural trades, so that is still something to watch. Elsewhere, oil is continuing to look perky and heading for a retest of $85.

I don't see much conviction besides that and it is tough to really draw too much conclusions when US markets are closed. If anything else, keep an eye out for China headlines and omicron risks in the days ahead.

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