FxWirePro: NZD/JPY upbeat risk helps longs retain control

• NZD/JPY steadied on Thursday  as  China optimism continued support   risk-sensitive kiwi dollar.

• On Wednesday, China’s central bank cut medium-term loan costs for banks, following plans to lower borrowing costs, inject more funds into the economy, and ease households' mortgage burdens.

• Also boosting sentiment,  News reported earlier that China is contemplating a capital injection of up to 1 trillion yuan  into its largest state banks to enhance their ability to support  the economy.

•  The technical outlook remains bullish and points to eventual bigger gains, Fourteen-day momentum is positive, reinforcing the scope for a bigger gains  .
 
•  Immediate resistance is located at 91.46(23.6%fib), any close above will push the pair towards 91.96 (Higher BB).

•  Support is seen at 89.89 (38.2%fib) and break below could take the pair towards 89.00(Psychological level).

 Recommendation: Good to buy around 90.80 with stop loss of 90.20 and target price of 91.50