At the H4 chart MXNJPY we can observe a strong downward impulse which was caused by the publication of the results of the presidential elections in the USA. The surprise of the market in connection with the victory of Donald Trump has led to an increase in uncertainty and strong weakening of the Mexican peso. It is noteworthy that decreases started after testing strong resistance zone at a level of 5,750-5,850 (From June 2016. Each test of these levels drove to form a lower Low in the chart).
You can see that the supply managed to close the bullish gap , which was established on 06.11.2016. Then the price broke through the last low, and tested the support level of 5.00. At this point, we have seen response of the forces of demand . Currently, you can see a correction of recent declines. This support for it is previously mentioned level of 5.00. In case of breaking it, this zone will act as resistance, while quotations of MXNJPY will open the way for further declines. Resistance on chart is at the level of the broken Low at level of 5.250. This area coincides with the 38.2% FIBO abolition (measured from the top established today)