You are getting correct voltage, after the 2 second FP relay opening and closing.
Computer is connected to inertia switch to monitor Fuel Pump relay closing and if inertia switch has been "tripped".
This monitor wire has 5 to 8 volts when computer/key is on.
And thats what you are seeing most likely, it has no AMPs just volts, so can't run fuel pump.
When you cycle key on the computer will boot up and close FP relay for 2 seconds, and 2 seconds only.
You can cycle key on and off as much as needed to check for full Battery Voltage on the Pink wire, but it will only show for 2 seconds, after that, if key is left on, it will drop to 5-8volts
Fuel pump relay's socket will have 4 connected slots, one slot will have 12v all the time, from fuel pump fuse, always hot
One slot will have 12v but only with key on, from EEC(PCM) relay, key on
One slot "should" have that 7volts from computer monitor wire at inertia switch, key on, if not then inertia switch could be bad/tripped
4th slot is the Computer's Ground control to turn FP relay on and off, open and closed
There is a trick you can use to test FP voltage easier.
OBD1 connector in the engine bay has a FP test slot, in 1994 it will be between fuse box and brake master, may have a cover over it
Look here:
http://www.therangerstation.com/how-to/ignition-charging-computers/testing-eec-iv-equipped-engines/
In the drawing the Fuel Pump slot is labelled, that slot is connected to Computers Ground control wire on the FP Relay
So if you put a jumper wire in that slot and ground it, FP Relay will be grounded full time, so when you turn on the key FP relay will close and you should get full battery voltage all the way back to Fuel Pump, fuel pump on, it will go off when you turn off the key
FYI, the 2 second thing is a safety feature, if there is an accident an electric fuel pump could just keep pumping out gasoline.
Pre-computer electric fuel pumps were hooked up to oil pressure switch, so no oil pressure = no power to fuel pump, but those were Carburetor days, so engine could be started from gas in the float bowl, then electric pump could come on
Fuel injection doesn't have a reserve/float bowl so 2 second thing was used
Inertia switch "should" trip and cut power to fuel pump in an accident, but as a backup there is the 2 second thing.
Computer will only close FP Relay full time if engine RPMs are above 400.
If a gas line should break in an accident then engine would stall, so under 400RPMs and then computer shuts off FP relay
For startup it Primes the system for 2 seconds, and will Prime it each time key is turned from off to on.