I'm thinking no... but:
If you have file ~/foo/foo.jpg and move and rename it to ~/bar.jpg, is there any way to make a symbolic link (with the original name and structure) inside ~/ and point toward ~/bar.jpg?
~/foo$ ls
foo.jpg
~/foo$ mv foo.jpg ~/bar.jpg
~/foo$ cd ~
~$ ls
bar.jpg
~$ ln -s bar.jpg 'foo/foo.jpg'
~$ ls -l
bar.jpg
foo/foo.jpg -> bar.jpg
If there is no way as described above, I can just create a hardlink ~/bar.jpg point toward ~/foo/foo.jpg. But I'd rather not have the directory foo or file foo.jpg at all; just a symbolic link in their place.