The Pivot Point (PPV) is used as support and resistance at the same time; it is the first level that we observe. For this week the pivot points (weekly and monthly) for USD/JPY are: 78.39 weekly; 79.35 monthly.

The Japanese yen is located below the weekly pivot and bellow the Moving Average of 200 periods (blue). Therefore, taking into account the pivot points, we can conclude the following.
The price level is approaching the pivot; a close above this level may be the beginning of the upward trend until 79.04 weekly resistance R2.
Furthermore, it is possible that at the support level of 77.99 the pair can find a rebound towards 78.64.

Signal For 13 - 17 August 2012

Buy long above 78.39, take profit at 79.04, Stop Loss bellow weekly support of 77.99.

 ____WEEKLY_____
Weekly - R3 = 79.29
Weekly - R2 = 79.04
Weekly - R1 = 78.64
Weekly Pivot = 78.39
Weekly - S1 = 77.99
Weekly - S2 = 77.74
Weekly - S3 = 77.34

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 ____MONTHLY____
Monthly - R3 = 84.64
Monthly - R2 = 80.86
Monthly - R1 = 79.49
Monthly Pivot = 78.71
Monthly - S1 = 77.34
Monthly - S2 = 76.56
Monthly - S3 = 75.19