3-4 point high approach, two-space high pincer, two-point jump
The two-point jump at is a light, defensive move. White plays this way to avoid coming under attack too severely.
If Black plays at , he is strengthening himself. The white two-point jump is now thin, and Black can look forward to attacking it later.
Here answers White's light move by imitation. This way, Black takes territory, and/or sente, but his chances of attacking White are less.
There is a known tenuki variation here (3-4 point high approach, two-space high pincer, two-point jump, tenuki), with elsewhere and White playing at .