The rate has dropped down after successfull test to the 3-month-long falling trendline to test the short term rising trendline from February.
The rate has formed 2 hammer candlesticks right at the former inverse head and shoulders neckline indicating further strength and a possible move towards the previous highs at 122.90 and the 100% pattern breakout target around 124.40.
A daily close below the rising trendline and the former resistance/new support area's lows at 121.00 would invalidate my immediate bullish bias for the pair.