Agreed with most, I'm flatting the 3bet. If I flatted, I would considering floating a 1/2 pot or less bet in position there. In these games, guys 3bet so much Kx and lower connecting hands...heck even worse Ax as bluffs....you'll be ahead a decent amount of the time with AJ.
Now as played, easy fold on the flop. He pot commited himself and his 5 bet firmly puts him way ahead of you. The 4 bet really isn't THAT bad, calling the 5 bet is the worst play of the hand. I'm actually a bit surprised he only had AQ suited, that's probably the bottom of his 5bet range. AQs, AK, JJ+.
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