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.