USD/JPY technical analysis

USD/JPY technical analysis (chart):

After USD/JPY fell over -3% in six days yet formed a bullish pinbar at a key support level, momentum has turned higher. In fact a 3-day bullish reversal pattern called a Morning star formed on the daily chart, although volatility dropped on Thursday and Friday over Thanksgiving. Yet this lower period of volatility could be construed as bulls taking a breather ahead of their next attack. The trouble now is that we have the 150 handle nearby which might initially provide resistance. One approach for bulls to consider is to see if prices can retrace towards 148.80 and seek to enter in anticipation of a break above 150, to increase the potential rewards to risk ratio. However, if we see bearish volatility return around 150 then it could indicate an important swing high and the ‘C’ wave an on ‘ABE’ correction from the 151.90 high has begun.