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: 78.35 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 pivots points, we can conclude the following:
The level of 77.62 (W_S2) is a very strong support that is an area where the pair has had problems several times recently, since mid-July 2011 to February 2012 and again in the beginning of June this year, when touched a minimum of 77.65 before reversing and up to 80.50. It is, therefore, possible that in the nearest support area of 78.03(W_S1), the pair can have a rebound to 79.08(W_R2) minimum. Moreover, the breakdown of weekly support could continue until important support 77.62.

____WEEKLY_____
Weekly - R3 = 79.49
Weekly - R2 = 79.08
Weekly - R1 = 78.76
Weekly Pivot = 78.35
Weekly - S1 = 78.03
Weekly - S2 = 77.62
Weekly - S3 = 77.30 

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