Bank of America Global Research likes long AUD/JPY position over the coming weeks.

"While a de-escalation in tensions reverses broad USD strength, the yen is likely to weaken against commodity currencies for the following reasons. First, the impact of higher oil prices on FX supply- demand dynamics has yet to materialize and still lies ahead," BofA notes.

Second, lower volatility tends to be yen-negative and positive for high-beta currencies. Third, with reduced USD appreciation pressure, both the need for and the risk of FX intervention decline. Finally, uncertainty lingers over the BoJ's rate-hike outlook amid hawkish shifts by overseas central banks. We favor AUD/JPY," BofA adds.