The pair is in the correction.
Assumingly, a starting impetus as the first wave (i) within the third wave iii of 5 of the senior level has formed. Locally, a formation of a downward correction towards 38-50%, 123.00-122.00 has started. The critical to this scenario is the level of 124.50.
Short-term: sell the pair below 124.50 with the target at 123.00-122.00.
Medium-term: wait for the correction to finish and buy the pair above 120.35 with the target at 126.00-127.00.
The breakout and consolidation above 124.50 would allow the pair to continue growing towards 126.00-127.00.