• The Japanese Yen attracts some sellers on Tuesday, though it lacks follow-through.
• Rising bets for another BoJ rate hike in December help limit the downside for the JPY.
• Geopolitical risks, Trump’s tariff threats and suppressed US bond yields favor JPY bulls. 

The Japanese Yen (JPY) edges lower against its American counterpart during the Asian session on Tuesday and pushes the USD/JPY pair away from the lowest level since October 16 touched the previous day. However, speculations that the Bank of Japan (BoJ) could hike interest rates again in December should limit any meaningful JPY depreciation. Apart from this, US President-elect Donald Trump's looming trade tariff threats, along with persistent geopolitical risks, might underpin the safe-haven JPY. 

Meanwhile, the recent decline in the US Treasury bond yields fails to assist the US Dollar (USD) to build on the overnight bounce from a multi-month low and could further offer support to the lower-yielding JPY. This, in turn, warrants some caution before placing aggressive bullish bets around the USD/JPY pair. Moreover, traders might also opt to wait for more cues about the Federal Reserve's (Fed) rate-cut path. Hence, this week's crucial US macro data will drive the USD and provide a fresh impetus to the currency pair.