The pivot points are important support and resistance levels, it serves to identify whether the price of the pair may decline. Thus, the pivot points may quite successfully serve as input and output indicators. The way the pivot points are operated and the strategy is used depend on the type of an investor.
For USD/JPY weekly and monthly pivot points for this week are 78.43 and 78.09 respectively. The Japanese yen is located bellow 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 weekly pivot level of 78.43 is now the nearest resistance that we have to face. Above the weekly pivot we expect an upward movement to the level of the third weekly resistance of 80.17.
On the other hand, it is likely that a continuation of the move down from the current to the nearest support of 78.01 and the break of this level could press to lows of 77.35, which is second weekly support.

Signals for 08 - 12 October, 2012

Buy long at 78,01, take profit at  79.09 and 80.17, and stop loss is bellow W_S1.

Sell short if closes bellow W_S1(78.01) with take profit  at 77.35 and 76.93, stop loss above (weekly pivot).

____WEEKLY_____
Weekly - R3 = 80.17
Weekly - R2 = 79.51
Weekly - R1 = 79.09
Weekly Pivot = 78.43
Weekly - S1 = 78.01
Weekly - S2 = 77.35
Weekly - S3 = 76.93

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 ____MONTHLY____
Monthly - R3 = 81.14
Monthly - R2 = 80.18
Monthly - R1 = 79.05
Monthly Pivot = 78.09
Monthly - S1 = 76.96
Monthly - S2 = 76.00
Monthly - S3 = 74.87