Below in the monthly chart I have labelled a potential count which assumes that from the February 2002 low to the October 2011 top price has unfolded a Double Zig Zag = wave A
If price has established the top of a wave (A) then could be involved in a large corrective wave (B) which might establish a bottom in the range of the 0.382 - 0.618 retracement. Since price during the October topping phase formed a Head & Shoulder, which has a target at the May 2010 reaction low, then if this down leg is wave (B) the potential target could be located in the range of the 0.5 retracement.
Next in the weekly chart it seems reasonable to count the the down leg off the November 2011 top as a Double Zig Zag, hence price would be now involved in unfolding the wave (A) of the second Zig Zag.
What is interesting about this chart is that price has almost reached the 0.382 retracement of the rally off the February 2002 low with two consecutive weekly Inverted Hammer candlesticks. Then maybe price could be attempting to establish a base in order to begin a countertrend rebound. At the moment I have no idea if price is establishing the bottom of the wave (A) in which case the rebound could be very large.
In the daily chart even though I have no idea regarding the exact location of price within the assumed wave (A) it seems that from the January 9 peak price is not falling with an impulsive decline then maybe, as I will show in the 60 min chart below, price could be forming a bullish falling wedge.
I also want to highilight that the daily RSI since the Jan 4 low is showing positive divergence.
If the Ending Diagonal plays out the I might go long YCL (Proshares Ultra Yen etf)