I can see what you guys are saying, I too think that Jiraiya doesn't have much of a chance.
But there's something about Pain's strategy that makes me think that it can be beatable just like the perfect defense from Neji, and Gaara. That's how I see Pain's strategy, for every situation he can use a variety of perfect defenses, first it was invisibility coupled with a summoned beast, now he has a 360 degree battlefield vision in combination with 2 human summonings.