I see this pair trapped in triangle.
So at the moment there is no trade on this pair. I will wait for price to come to the upper border, then move down to 4h or 1h chart and look for short or long entry. So first option is long option (1), so we wait for a break of upper triangle border, then maybe retest of MPP at 120.87 and then up again. Second option (2) will come into play if upper triangle border will be rejected and we will get short signal on 4h or 1h chart.
There is not major red news in Japan and USA today or tomorrow.