In this paper, we prove a new achievable rate region for the two-phase two-way relay channel under half-duplex constraints. The points in the region are achieved by a combination of a compress-and-forward strategy at the relay node (potentially including partial decoding) with a kind of joint decoding at the receivers. For some channels, the achievable rate region presented in this paper is shown to be a proper superset of a rate region proven in some recent papers where a separate decoding was assumed.