You can use a Filter activity to get just the object with ParameterKey="Param1" with this expression, in my case I put your json in a variable so change that to be the output of your Lookkup
@equals(item().ParameterKey, 'Param1' )
Then you can get the ParameterValue with this expression, my Filter activity was called Filter1, change as necessary for your name
@activity('Filter1').output.Value[0].ParameterValue