The Japanese yen slipped against its most major counterparts in the European session on Monday, as investors cheered Fed Chair Jerome Powell's remarks that a reduction in bond purchases will be gradual.

Powell said that the Fed will closely monitor incoming data and the evolving risks from the virus crisis while making a decision on QE taper.

The Fed Chair noted that substantial further progress towards employment goal is needed to withdraw support.

All important U.S. jobs data due on Friday could help assess the strength of the labor market.

Data from the Ministry of Economy, Trade and Industry showed that Japan's retail sales grew for the fifth straight month in July.

Retail sales grew 2.4 percent year-on-year in July, faster than the 0.1 percent increase seen in June. This was the fifth consecutive rise in retail sales and also exceeded the economists' forecast of 2.1 percent.

The yen retreated to 109.87 against the greenback, off a 5-day high of 109.70 seen in the previous session. On the downside, 112.00 is likely seen as its next support level.

The yen fell to 129.67 against the euro, 151.27 against the pound and 87.16 against the loonie, after rising to 129.49, 150.95 and 86.89, respectively earlier in the trading session. If the currency falls further, 131.5, 153.00 and 89.00 are possibly seen as its next support levels against the euro, the pound and the loonie, respectively.

In contrast, the yen rose to 76.71 against the kiwi and 79.98 versus the aussie, from its early low of 77.07 and a 2-week low of 80.38, respectively. The currency is likely to find resistance around 75.00 against the kiwi and 78.00 versus the aussie.

The yen appreciated to 119.94 against the Swiss franc, from more than a 3-week low of 120.61 seen in early trades. The yen is seen finding resistance around the 115.00 level.

Looking ahead, German preliminary CPI for August is scheduled for release at 8:00 am ET.

U.S. pending home sales for July will be released in the New York session.

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