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If it misses, user loses 1 HP. If the user knocks itself out, then the opponent's Pokémon will not attack during the same turn. The effects of poison, burn, and Leech Seed will be ignored on that turn. The Pokémon will not lose 1 PP for the attack it was about to use.
Jump Kick is a decent move; however, it has poor distribution and is redundant considering Hitmonlee also has access to the much more powerful Hi Jump Kick. It's thus not seen in competitive games.
Hi Jump Kick is a stronger equivalent with less accuracy.