The phrase "overvalued currency" means that the value of a country's currency is higher compared to its true worth or what it should be. Full definition
Japan's leaders brushed off suspicion of its motives, calling the yen's moves an appropriate «correction» to a grossly overvalued currency. (canadianbusiness.com)
At the other end of the spectrum, the Swiss franc and Australian and New Zealand dollar's are deemed to be the most overvalued currencies right now, although Been and Specchia say their deviation is not extreme and remain within historic norms. (businessinsider.com)
But you can also short overvalued currencies and use the proceeds to buy undervalued currencies. (tradebuddy.online)