Strong downward trend.
A development of the third wave of the senior level on the 4-hour chart continues. Presumably, a third wave of the junior level (iii) is forming locally. If the assumption is correct and the price does not break out the critical level of 122.96, the fall continues towards 119.80-119.00.
Open short positions below 122.96 with the target at 119.80-119.00.
The breakout and consolidation above 122.96 would allow the pair to grow towards 125.00-126.00.