A direction for each way (4)
I believe the answer is:
east
'a direction' is the definition.
(compass direction)
'each way' is the wordplay.
'each' becomes 'ea'.
'way' becomes 'st' (abbreviation for street).
'ea'+'st'='EAST'
'for' is the link.
(Other definitions for east that I've seen before include "Sunrise direction" , "One of four at table" , "Ninety degree bearing" , "Tom's friend" , "Direction of the Orient" .)