In this paper, we propose a movable antenna (MA)-enabled frequency-hopping (FH) multiple-input multiple-output (MIMO) radar system and investigate its sensing resolution. Specifically, we derive the expression of the ambiguity function and analyze the relationship between its main lobe width and the transmit antenna positions. In particular, the optimal antenna distribution to achieve the minimum main lobe width in the angular domain is characterized. We discover that this minimum width is related to the antenna size, the antenna number, and the target angle. Meanwhile, we present lower bounds of the ambiguity function in the Doppler and delay domains, and show that the impact of the antenna size on the radar performance in these two domains is very different from that in the angular domain. Moreover, the performance enhancement brought by MAs exhibits a certain trade-off between the main lobe width and the side lobe peak levels. Therefore, we propose to balance between minimizing the side lobe levels and narrowing the main lobe of the ambiguity function by optimizing the antenna positions. To achieve this goal, we propose a low-complexity algorithm based on the Rosen's gradient projection method, and show that its performance is very close to the baseline. Simulation results are presented to validate the theoretical analysis on the properties of the ambiguity function, and demonstrate that MAs can reduce the main lobe width and suppress the side lobe levels of the ambiguity function, thereby enhancing radar performance.