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: 78.86 weekly; 79.35 monthly.
The Japanese yen is located near 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 78.86 (Pivot) is the weekly pivot, the past few weeks the pair was trading below this level, therefore, this level is very strong, only a close above this level will increase the likelihood of acceleration to the resistance of 80.23.
Signal For 27 - 31 August, 2012
Buy long at 78.86, take profit at 79.45 and 80.23, Stop Loss bellow weekly Pivot of 78.08.
____WEEKLY_____
Weekly - R3 = 80.82
Weekly - R2 = 80.23
Weekly - R1 = 79.45
Weekly Pivot = 78.86
Weekly - S1 = 78.08
Weekly - S2 = 77.49
Weekly - S3 = 76.71
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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
