It will not. In Pub 100 they added visible skill caps on the animal lore page, which can show over 120 parry on certain animals (Greater Dragons and Frost Dragons mainly), but Parry will not raise over 120, as that is the hard cap value. This was mentioned to Bleak at a M&G shortly after the publish went live and he said he would look into fixing the display, but I don't think it is high on their list of issues.