USD/JPY drifts higher in Asia after recovering from fall below 140.00 on Mon

Traders cover short positions after USD slides to lowest in 14 months

Perception that dovish Fed expectations overdone prompts profit-taking

Chances of 50-bp Fed cut Wed at 67%, 120 bps of cuts priced in by Dec 2024

Upside limited as Fed-BOJ rate expectations diverge

Resistance at 141.67-141.75, previous lows; support 140.40-50, 139.90-140.00

Strong support at 139.28, 38.2% retracement of 2021-24 rally

Monday range 139.58-140.91; Tuesday Asia range 140.65-141.25

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