Danske Research sees a scope for buying the JPY strategically in H2.
"Following the decline in yields and oil prices JPY has finished the week of strongly with USD/JPY coming of the highest levels since 1998. Long JPY could ultimately prove an excellent buy in H2 but we do not like the timing just yet amid Bank of Japan utilising the global environment to finally spur some domestic inflation," Danske notes.
"EUR/GBP remains rangy and we reiterate our recommendation to sell a 3M EUR/GBP straddle. Otherwise, heading into Q3 our preference remains that of long USD vs cyclically sensitive currencies including SEK," Danske adds.