Liposuction can definitely treat this area, and something like ultrasonic is recommended because the area can be quite fibrous. Ultrasonic liposuction is better equipped to break up fibrous fat for easier removal.
However, due to your size and age, you may also have a bit of excess skin in this area that cannot be improved with liposuction alone. If this is the case for you, a lift may be required. A lift will remove excess skin and fat to achieve the improvement you want. Please talk to an experienced and certified plastic surgeon for their advice, since it is difficult to say whether the bulges are comprised of fat and/or skin. Good luck!