The CPU- and GPU-specific temps are fine. The motherboard temps that are 120C+ seem very high, I can't recall seeing motherboard temps that high in a system I've had. However, there's no real 'standard' for motherboard temperature sensors so it's hard to say whether those are acceptable or not for your specific motherboard. Another possibility is that CPUID is misreading the motherboard sensors and not reporting accurately, try the Asus utilities to compare and see if they're similar.
What motherboard is that? Post the model and others with that board can post here, or you can search around on the web.
Also, do you have decent general case airflow? Components with passive heatsinks or no heatsinks depend on convection and general case airflow for cooling.
This case happens only "sometimes".. my usual temperatures in my mobo is 70-90 when playing skyrim, HoN, or Dota 2.. at asus ai suite 2, my mobo temp is also 123.. and it doesn't change its so stable.. maybe this is just a bug? coz ive read somewhere in the internet months ago, there are cases that there would be a bug in some asus temps.. like that.. but im not sure if its for real..
my mobo model is Asus P8 H61- M LE..