Iridium
Short

USDJPY SHORT PARALLEL CHANNEL RESISTANCE

FX:USDJPY   U.S. Dollar/Japanese Yen
33 0 0
USDJPY             HAS COME UNDER PRESSURE AFTER TESTING THE PARALLEL CHANNEL AND 1.00 FIB EXTENSION OF PREVIOUS SWING HIGH. UNDER THE ELLIOTT WAVE PARADIGM THE CURRENT STRUCTURE STANDS AS A ZIG-ZAG YET THE OVERALL PICTURE IN THE EURO             IS VERY BEARISH SO ITS IS MOST LIKELY THIS IS GOING TO BE SUB WAVE 2 WITHIN AN EXTENDED III             WAVE, THUS BEING THE CASE THE NEXT MOVE HIGHER WITH BE HIGHLY IMPULSIVE. SHORT UNTILL WE TEST EITHER THE .50 OR .618 RETRACEMENT OF PREVIOUS SWING HIGH.
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