The yen dropped across the board after the decisions of the European Central Bank but then reversed sharply and rose erasing most of the losses. It is still lower against the euro and the Swiss franc but it hit fresh highs versus the US dollar. USD/JPY peaked at 114.44, the highest level in a week and then lost momentum. It moved around 114.00 but then turned sharply to the downside as stocks in Europe and in Wall Street reversed its trend. The pair collapsed, falling over 150 pips from the highs. Recently bottomed at 112.60. So far price has remained above yesterday’s lows that lie at 112.20, but is still under pressure. Greenback also plummeted against European currencies during the last hours. Stocks: dramatic reversal The Dow Jones, that earlier climbed above 17,100 is now down 130 points at 18,860. The Nasdaq is falling 1.13% and the S&P 500 drops 0.79%. European markets, that rallied after ECB decisions also turned to the downside and finished the day in negative. The FTSE 100 lost 1.78%, the DAX declined 2.30% and the Cac 40 fell 1.70%. For more information, read our latest forex news.