Physics trouble - locking an axis

Hey guys, just a little issue I can’t wrap my head around. Hoping some altruistic UE4 god can help a noob in need.

I want my character to act like firebrand from gargoyles quest (video below). So when he jumps I want him to be able to stop still hover in place.

I can zero his gravity, but his momentum is making him carry on in whatever direction he was travelling before.

I’m using the default Sidescrollercharacter blueprint on him for now.

Any persan halp pleas!