Yes,of course...It can be even upto anything which is always greater than or equal to '0'.
Because,moisture content is the ratio of wt.of water to wt. of solids in the given sample of soil.So,the wt. of water in the sample can have no upper limit.
The soil may be completely filled even after saturation and when we keep on adding water,Wt. of water will rise....That is the reason why may be it can be upto 1200%.