Take a look at the output of Hue in your Table:

Table[Hue[j], {j, 0.1, 101, 10}]

Hue needs a value between 0 and 1. It doesn't know what to do with values outside that range. So let's divide j by 101 so that the values go from 0 to 1. This makes a rainbow

Table[Hue[j/101], {j, 0.1, 101, 10}]

Try using PlotStyle -> Hue[j/101]:

Table[ParametricPlot[{j Sin[u], j Sin[2 u]}, {u, 0, 2 Pi}, 
  PlotStyle -> Hue[j/101], PlotRange -> All, AspectRatio -> 1], {j, 
  0.1, 101, 10}]

ColorFunction can also be used but is more complicated. It controls the color based on the "x, y" values of the plot.