• USD/JPY unchanged in Asia after recovering from 148.85, lowest since Dec 3

• Falls from early 149.41 high as USD sentiment sours on growth concerns

• Buyers emerge ahead of support at 148.65 Dec low, rebound to 149.50 ensues

• Bounce triggered by JPY sales vs. EUR on Germany election relief

• German stock futures up 1.1% as opposition conservatives win German election

• S&P E-Mini +0.35%, Nasdaq futures +0.4% on bargain hunting after Fri drop

• USD drifts back to 149.30 as BOJ rate hike expectations underpin JPY

• Japan markets closed Monday; illiquid conditions exaggerate moves

• Resistance 149.50, 150.00, 150.40; below 148.65 opens 148.00, 200-week MA

• Asia range 148.85-149.50
JPY:

(Krishna Kumar is a Reuters market analyst. The views expressed are his own.)