Nomura adds: "Since implied volatility remains elevated, implementing range trading structures can be quite profitable. We used such structures successfully during the earlier part of 2012, and we think they are now appropriate again."
Nomura recommend two structures:
"A 3m structure, which expires before the new governor's first meeting (22 April): a double-no-touch, with strikes of 84.5/92.5 for a cost of 35%, which roughly gives a 3:1 payout ratio if spot remains in the range. And a 1m structure (expiring 21 Feb), a double-no-touch expiring, strikes of 87/91 for 16.9%, which would yield nearly a 6:1 payout ratio if spot stays within the strikes."