It's an amazing game! I loved how the main menu blends into the game screen so you can only proceed if you know the game's mechanics and controls. It may seem small but it's really elegant design. As this is your first game with a new engine that's all the more impressive. I loved the sprite work and colour pallet.
I had some constructive criticism
Consider making it so you cant move if you hold down Z. Players will mostly not go for what's fun but for what is most efficient. Balancing holding Z for distance and timing it so you hit the ghost is fun. Holding Z, pulling up to a ghost and letting it blast is easier and more likely to suceed. Thus, you must sort of force the player to do what's fun.
I also had one point i wanted your opinion on. I think it would be better if the punch lengths were better telegraphed to the player and made clear. I've made a rough sketch to show you what i mean.
However, the above criticism doesn't detract from my love of the game. I'll be playing this one in college or boring Web development lectures well after the Gam jam is over!