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 78.38 and 78.09 respectively. The Japanese yen is located above 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 78.38 Now is the nearest support for the Yen. Above expected weekly pivot upward movement to the level of resistance of the third week 79.62.
On the other hand, is likely to have a decline of pair to the weekly pivot happens if we take it as an opportunity to buy at such a low price, with objectives to the last weekly resistance of 79.62.

Signals for 15 - 20 October, 2012

Buy long above 78,81, take profit at 79.19 and 79.62, and stop loss is bellow (weekly pivot).

Buy if rebound around 78.38, with take profit at 79.62, and stop loss bellow (weekly pivot).

____WEEKLY_____
Weekly - R3 = 79.62
Weekly - R2 = 79.19
Weekly - R1 = 78.81
Weekly Pivot = 78.38
Weekly - S1 = 78.00
Weekly - S2 = 77.57
Weekly - S3 = 77.19

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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