USD/JPY to attempt to retake 124.00

"A drop in commodities generates images of a cooling global economy, which in turn leads to 'risk off' that could prompt short-covering of the yen." 
- Monex (based on Reuters) 

Pair's Outlook 
The Greenback failed to appreciate on Friday, which resulted in reaching the weekly PP at 123.59. The pivot point managed to prevent the USD/JPY from falling deeper, as it kept the pair afloat during all of the week. Furthermore, the US currency is expected to rebound from a strong cluster around 123.45 today and stabilise above the 124.00 psychological level, thus, breaching the immediate resistance in face of the weekly PP. Meanwhile, technical indicators are giving bullish signals, bolstering the possibility of the positive outcome. 

Traders' Sentiment 
Both net orders and net positions improved today. Now 70% of traders are long the Buck, while buy orders shifted from 63 to 74%.