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USD/JPY - Clear Out and Continuation?

The USD/JPY has been drifting higher since retreating from 122 to 118.33. Last week, we saw the pair broke above a falling trendline signaling a bullish outlook. Price has been choppy in the short-term. 

USD/JPY 4H Chart 4/13

(click to enlarge)

The 4H chart shows that after the breakout price is chopping upwards. Today, we saw a strong dip back to 119.75. But, we also saw strong buyers here. 

Now, let's watch the reaction. After such a spike, the market will likely "chew through the tail". Then, if price can climb back above 120, the bullish outlook would remain in play. However, if price chews through the tail and falls back below 119.70, USD/JPY is likely to continue its consolidation mode. 

To the upside, the pressure is currently back on the 122 high. Below 119.70, price will be pressured towards 118.33.