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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