Early this week, USD/JPY was in a bullish breakout from a consolidation pattern. Since then, price has rallied to test the December high at 118.65. Let's take a look at the intra-session 1H chart.USD/JPY 1H Chart 1/4(click to enlarge)Pullback Swings:- Since failing to break 118.65 USD/JPY has essentially pulled back from the breakout.- So far, the first pullback respected a common support at 117.20.- This means, so far, USD/JPY's bullish breakout is still the dominant technical picture here.- But now, we have a second pullback, after a rally was rejected at 118.20.Trendline and Support:- In the 1H chart, we can see a rising trendline.- Price will test this rising trendline at roughly 117.50.- Now, I think if price can hold above 117.50, the USD/JPY would look bullish.- But a break below 117.50 could still be within the bullish scenario.- For example, if there is an abc correction, we can see price back down around 117.00.- I think a hold above 117.00 keeps USDJPY bullish, and a break below it extends the consolidation mode. - We should also note that if the RSI can hold above 40, it would show maintenance of the short-term bullish momentum from this past week.