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: 78.37 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 level of 77.99 (W_S1) has a very strong support which represents an area where the pair rebounded several times when touched a minimum of 77.99 before reversing up to 80.50. It is, therefore, possible that in the nearest support area of 77.99(W_S1), the pair can have a rebound to 78.85(W_R1) minimum. Moreover, the breakdown of weekly support could extend towards support of 77.13.(W_S3).
____WEEKLY_____
Weekly - R3 = 79.71
Weekly - R2 = 79.23
Weekly - R1 = 78.85
Weekly Pivot = 78.37
Weekly - S1 = 77.99
Weekly - S2 = 77.51
Weekly - S3 = 77.13
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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
