It’s actually j.D, but yeah. That’s the general idea. For the basic combo it’s actually better to just do j.B instead of dj.A. This is so you retain an air option after knocking them down, thus you can do other things if the next item you have isn’t very good.
When punishing, if close enough, consider doing 236A instead of 5B. On CH Teddie gets pretty good damage and it’s 8f, so only 1f slower than Teddie’s 5A. Keep in mind that 236A+B is also plus (though much slower than 236A), so it’s a nifty tool. If they’re close, throw is actually very strong because it’s only 5f (they cannot tech if they’re in counter hit state). Even if you don’t get much damage off of it, it’s still damage where Teddie can’t normally get it. And if you’re near the corner you can get a nice corner BnB from it.
Circus Bear you have to be very careful. Teddie will always appear where he started it and he’s in counter hit state when he first appears from the top of the screen. Because of this, characters can just jump and airthrow him to punish. It an okay cheese option from certain setups (Tomahawk, Firecracker, Oil Drum, Meteors). Also, it’s very effective against Elizabeth. Once Teddie has 50 meter in awakening, Elizabeth cannot use SB Maragidyne or any form of Maziodyne or else she risks losing almost half of her health to a free CH D Circus Bear.
For 2D Teddie, it has limited uses, but it can be useful. For example, if mid screen they block your 5B, instead of cancelling into 236D, you can 22A and then 5B them again. Also, if you teleport towards them using the D Teddie Warp, you can 22A as you come out to cross under them. You can also go under certain moves (like Mitsuru 5A and Droite) but you have to be careful as you can be easily hit out of start up or recovery. During 22A and 22B (which is a little slower, but you can hold it) you are in Counter Hit state the entire time. However, with 22A+B, not only can you move, but you’re also not in Counter Hit state. Also, while Teddie is deflated he cannot be thrown, but he can be thrown during both start up and recovery.
Oh, and someone mentioned hitting people with Teddie’s AoA when they’re raged. If this happens, what you should actually do is wait for the AoA to uncombo and then do the follow up rush for a combo into really huge damage. They cannot block the follow up rush because they’re raged and apparently, due to a weird property of AoAs, they cannot reversal out of it.