If we consider USDJPY as a proxy for the Yen we can see in the daily chart below that it is highly probable that from the January 2 high price should unfold a Zig Zag down. The rebound from the February 4 lod is clearly corrective (Maybe it could be forming a Bearish Flag) fulfilling the proper structure of a countertrend wave (B).
We can locate the potential target for the assumed wave (B) in the range 103 - 103.64 although probably it should stall at the 50 dma, which stands at 103.50.
The Bollinger bands are tightening suggesting that a large move is coming.
If USDJPY has a pending wave (C) down FXY should do the opposite with a wave (C) up, hence I am watching if with a falling wedge price completes the wave (B) which would open the door to the kickoff of the assumed wave (C) up with a theoretical target in the area of 99.