The Japanese yen weakened against other major currencies in the European session on Wednesday as European stock markets traded higher, on signs of easing Middle East tensions after Israel and Hamas announced a ceasefire, during which at least 50 Israeli and foreign hostages are due to be released.

The deal includes the release of 150 Palestinian prisoners held in Israeli jails in exchange for 50 people held captive by Hamas in Gaza since the armed group that rules the enclave stormed southern Israel on October 7.

Also, for every 10 additional hostages released, an extra day of truce will be observed.

Meanwhile, the traders focus their attention towards the U.K. finance minister's budget update. Chancellor of the Exchequer Jeremy Hunt will deliver the 2023 Autumn Statement later today, outlining the government's fiscal plan for the year ahead.

Hunt suggested that he will cut taxes on business to support economic growth. His options to cut taxes are limited as public debt now remains close to 100 percent of gross domestic product, which is the highest since 1960s. The announcement is due at around 7.30 am ET.

Nvidia's outlook beat expectations, though the chipmaker predicted decline in sales to China.

The safe-haven currency or the yen started falling from the Asian session today.

In the European trading now, the yen fell to a 5-day low of 187.03 against the pound and a 2-day low of 168.74 against the Swiss franc, from yesterday's closing quotes of 186.04 and 167.90, respectively. If the yen extends its downtrend, it is likely to find support around 189.00 against the pound and 171.00 against the franc.

Against the U.S. and the Canadian dollars, the yen dropped to 2-day lows of 149.36 and 108.83 from Tuesday's closing quotes of 148.39 and 108.30, respectively. The greenback may test support near 152.00 against the greenback and 111.00 against the loonie.

The yen dropped to a 2-day low of 162.73 against the euro, from yesterday's closing value of 161.88. On the downside, 165.00 is seen as the next support level for the yen.

The yen slipped to a 6-day low of 97.77 against the Australian dollar and a 2-day low of 89.94 against the NZ dollar, from early highs of 97.08 and 89.58, respectively. The yen is likely to find support around 99.00 against the aussie and 91.00 against the kiwi.

Looking ahead, U.S. weekly mortgage approvals data, Canada manufacturing and wholesale sales data for October, US. durable goods order for October, weekly jobless claims data, U.S. University of Michigan consumer sentiment for November, U.S. EIA crude oil data and U.S. Baker Hughes oil rig count data are due to be released in the New York session.

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