The formation of the fifth wave under long-term bullish impetus is going on. The third wave (iii) of V is nearing completion locally. Supposedly, the fifth wave of junior level is developing within it. If this assumption is correct and the price does not break the critical level 120.60, the pair will continue to rise to the levels 122.80-124.00.
Buy the pair from corrections above a level of 120.60 with targets at 122.80-124.00.
Breakdown and consolidation below the level of 120.60 will allow the pair to continue declining to a level of 118.20.