The objective of the article is to identify the research evolution in the market microstructure topic for exchange rate based on a bibliometric analysis. The methodology used consists in the construction and subsequent analysis of the bibliometric indicators of quantity and quality, as well as a structural-topographical analysis in the networks of authors based on their temporal evolution from their first vestiges in 1983 to the present. In conclusion, there is a field of constant exploration and greater use in empirical studies of specific markets, directed to the management, explanation and forecast of investments in financial assets, especially in exchange rates; through local negotiation variables in each market, such as volatility, order flow, bid-ask spread and operation costs. Additionally, the importance of the microstructure analysis in periods lower than intraday is highlighted, as an investment strategy that proposes a shorter periodicity in the cash flows in the business taking advantage of market conditions.