The Bank of Japan is expected to make a policy decision later this week, along with other significant central bank meetings and a plethora of global economic data releases. As a result, traders will be watching the dollar closely on Monday. The yen will be placed near 150.

Beginning on Monday, the Bank of Japan will begin a two-day meeting to discuss monetary policy. This week will also see announcements about interest rate changes from the Bank of England and the U.S. Federal Reserve.

The BOJ is under further pressure to alter its bond yield control policy due to the recent spike in global interest rates. There is growing speculation that the dovish central bank may raise its current yield cap during this week's meeting.

The BOJ is under further pressure to alter its bond yield control policy due to the recent spike in global interest rates. There is growing speculation that the dovish central bank may raise its current yield cap during this week's meeting.

The dollar index that gauges the greenback versus its major pairs muted at 106.57, investors evaluated the implications of the recent string of strong U.S. economic statistics on the Fed's rate forecast.

EUR/USD dipped 0.02% to $1.0563.

GBP/USD slumped by 0.02% to $1.21195.

USD/USD saw little movement lingering at 149.58 per dollar, experiencing a little respite following last week's one-year low of 150.78 per dollar..