ANZ likes buying dips on JPY crosses to play the reflation trade.

"Where we are still seeing momentum is in the JPY crosses (figure 3). Almost all G10 JPY crosses are sitting at multi-year highs, as euphoric risk sentiment and a complicated USD environment make yen the favourite funder for pro-cyclical bets in FX markets," ANZ notes.

"While most of the commodity-linked currencies shown below have pushed into overbought territory, we still think any dips should be used as buying opportunities," ANZ adds.