• NZD/JPY declined on Wednesday after RBNZ's stepped up policy easing with a half-point rate cut.
• The Reserve Bank of New Zealand wrapped up its latest policy meeting by cutting the official cash rate by 50 basis points to 4.75%, after a quarter-point reduction in August.
• At GMT 07:43, the pair was trading down 0.65% at 90.32, retreating from daily high.
• The technical outlook remains bearish and points to eventual bigger drop, fourteen-day momentum is negitive, reinforcing the scope for a bigger drop .
• Immediate resistance is located at 91.05(38.2%fib), any close above will push the pair towards 91.32 (Sep 30th high).
• Support is seen at 90.21 (50%fib) and break below could take the pair towards 89.82(Sep m24th low).
Recommendation: Good to sell around 90.40 with stop loss of 90.80 and target price of 89.80
