My older and younger sisters both live in Osaka.
You've got time, so why don't you try it both ways?
Nope. They’re both mine.
Here you have both directions / ways. Every time you have to choose between something it's like having to choose between two ways. That's why this word is simply both.
Close to the kanji is the meaning both sides, as well. Learn either for 両方, they're pretty similar.
This is a jukugo word that uses the on'yomi readings of the kanji. You should be able to read this on your own.