Pair's failure to capitalize on a bullish break from falling channel on hourly chart if followed by a move back inside falling channel could yield 123.62 (61.8% of 121.48-122.44). Moreover, re-entry into falling channel would also mark failure to sustain above 123.07 (23.6% of 128.22-121.48).
On the higher side, a clear break above 123.50 is necessary to weaken bears.