I assume, by key, you mean the candidate key.
Let's check whether V is a candidate key:
closure(V) = {V, W, X, Y, Z}
Hence, V is a candidate key.
closure(W) = {W, V, X, Y, Z}
Hence, W is also a candidate key.
closure(X) = {X, Y, Z}
closure(Y) = {Y}
closure(Z) = {Z, X, Y}
By checking all the other possible keys, one can see that only V and W are candidate keys.
The lossless-join decomposition of R does not have to be unique.
One can be described as follows:
R = {R1(V, W, X), R2(X, Y, Z)}
Since R1 ⋂ R2 = {X} And X -> {X, Y, Z}.
Hence, X -> R2.
Hence, R1 ⋂ R2 -> R2. Hence, this decomposition is a lossless join decomposition.
R2 can be further divided as
R2 = {R3(X, Y), R4(X, Z)}
Similarly, R1 = {R5(V, W), R6(W, X)}
Hence R = {R5(V, W), R6(W, X), R3(X, Y), R4(X, Z)}