The Japanese yen strengthened against other major currencies in the European session on Tuesday, as European stock market traded lower ahead of speeches from a number of European Central Bank officials, the release of the Federal Reserve's minutes from its November meeting and Nvidia's earnings.

Investors looked forward to minutes from Federal Reserve's latest meeting for more clarity on the rate outlook.

The safe-haven currency or the yen slightly retreated in the Asian session against its major rivals and reversed back to its early highs in the coming session.

In the European trading now, the yen rose to nearly a 2-week high of 161.25 against the euro, nearly a 3-week high of 184.47 against the pound and more than a 2-week high of 166.53 from early lows of 162.43, 185.65 and 167.83, respectively. If the yen extends its uptrend, it is likely to find resistance around 158.00 against the euro, 183.00 against the pound and 164.00 against the franc.

Against the U.S. and the Canadian dollars, the yen advanced to nearly 2-1/2-month high of 147.15 and a 2-1/2-month high of 107.23 from early lows of 148.41 and 108.13, respectively. On the upside, 146.00 against the greenback and 106.00 against the loonie are seen as the next resistance levels for the yen.

Looking ahead, Canada inflation data and new housing price index and U.S. existing home sales data, all for October, are slated for release in the New York session.

At 11.00 am ET, European Central Bank President Christine Lagarde is set to speak on the occasion of the 100th anniversary of the currency reform in Germany in 1923 organized by the German Ministry of Finance in Berlin.

At 2:00 pm ET, U.S. FOMC meeting minutes is set to be published.

Sterling vs Yen (FX:GBPJPY)
Forex Chart
From Jan 2024 to Feb 2024 Click Here for more Sterling vs Yen Charts.
Sterling vs Yen (FX:GBPJPY)
Forex Chart
From Feb 2023 to Feb 2024 Click Here for more Sterling vs Yen Charts.