• NZD/JPY steadied on Wednesday as China stimulus supported risk-sensitive kiwi dollar.
• China's top financial regulators announced a series of measures, including a 50 basis point cut in bank reserves and reductions in mortgage rates, aimed at stimulating sluggish economic growth.
• The Reserve Bank of New Zealand (RBNZ) is expected to cut its 5.25% cash rate at the October policy meeting, potentially by 50 basis points.
• 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 90.70 with stop loss of 90.00 and target price of 91.30
