The coming summer should be exciting for traders! While summer trading generally tends to be slow, this one could be different. A large number of other professional traders I talk with are all feeling the tension building in the market.

USD/JPY is coming very close of breaking above the 82.00 level. Intraday bias remains on the downside, as long as the 82.78 minor resistance line is not broken. On the upside, if the 82.78 minor resistance line is broken it will change the sentiment to the bullish side and target the 85.50 major resistance line.

The markets are having their second straight bounce day on the back of light volume and continued semi calm in the Middle East and Northern Africa. Libya continues to be in a civil war but overnight China began putting pressure on Moammar Gadhafi to step down. This helped drop oil back to the flat line which pushed the futures higher.