We present AnaMoDiff, a novel diffusion-based method for 2D motion analogies that is applied to raw, unannotated videos of articulated characters. Our goal is to accurately transfer motions from a 2D driving video onto a source character, with its identity, in terms of appearance and natural movement, well preserved, even when there may be significant discrepancies between the source and driving characters in their part proportions and movement speed and styles. Our diffusion model transfers the input motion via a latent optical flow (LOF) network operating in a noised latent space, which is spatially aware, efficient to process compared to the original RGB videos, and artifact-resistant through the diffusion denoising process even amid dense movements. To accomplish both motion analogy and identity preservation, we train our denoising model in a feature-disentangled manner, operating at two noise levels. While identity-revealing features of the source are learned via conventional noise injection, motion features are learned from LOF-warped videos by only injecting noise with large values, with the stipulation that motion properties involving pose and limbs are encoded by higher-level features. Experiments demonstrate that our method achieves the best trade-off between motion analogy and identity preservation.