The effect of the X-mode parametric decay into two short wavelength upper hybrid (UH) plasmons propagating in opposite directions is analyzed. Due to the huge convective power loss of both the UH plasmons along the inhomogeneity direction, the power threshold of the convective parametric decay instability (PDI), which can be excited in the presence of a monotonous density profile is derived to exceed the gyrotron power range currently available. In the presence of the magnetic island possessing the local density maximum at its O-point the daughter UH plasmons can be trapped in the radial direction that suppresses their energy loss from the decay layer in full and makes the power threshold of the convective two-plasmon PDI drastically (three orders of magnitude) lower than in the previous case. The possibility of the absolute PDI being due to the finite size of the pump beam spot is demonstrated as well. The power threshold of the absolute instability is shown to be more than two orders of magnitude lower than the threshold of the convective instability at the monotonous density profile.