Given that it's just the datapoints that needs to be transformed, this should be fairly easy:
var myData = [{
"target": "localhost_localdomain.cpu-0.cpu-idle",
"datapoints": [
[99.999698, 1392728820],
[100.000898, 1392728880],
[99.999968, 1392728940],
[99.299848, 1392732360]
]
}];
var transformedPoints = myData[0].datapoints.map(function (pt) {
return {
x: pt[0],
y: pt[1]
};
});
myData[0].datapoints = transformedPoints;
console.log(myData);
Here's a fiddle