EUR/JPY recovered after testing 100.24; might approach 101.50

The common European currency moved higher versus the greenback as the pair attempts to maintain bullish impetus. In case it holds further, 101.50 (Upper Bollinger band) is going to be the first target for bulls. Once this level is successfully pierced, 102.17 (R1 Weekly) and 103.31 (200-day SMA; R2 Weekly) will be exposed.

Traders' sentiment is bullish on EUR/JPY. 74% of market participants are currently holding long positions and 26% of them are staying short on the currency pair. Within 100-pip range, the bullish sentiment weakens as only 52% of investors are anticipating the pair to augment further.