It's interesting that such a simple question doesn't have a simple answer.
My advice is that if the bike is running OK and not using heaps of oil or blowing clouds of exhaust smoke, or have pistons rattling around in their bores, then don't worry about the numbers. Just enjoy riding it. That way a happy new year is pretty much guaranteed.
Your question only has a truly meaningful answer if you previously measured the compression on that engine under exactly the same environmental conditions, with the same gauge, when the engine was new and in tip-top condition. Then you can tell if it has changed over time.
120psi sounds reasonable to me, but someone with more experience at compression testing than me might be able to tell you if it's in the "normal" ballpark for your engine.
We can do some arithmetic if you like. Anyone who's bored shitless with maths can stop reading at this point with my apologies. Maths is how I make sense of the world.
Compression ratio is a bit misleading because for a good part of the stroke the inlet valve is still open, during which time the piston does no compression at all. With A11 cams, the inlet valve closes at 82° ABDC, or 98° BTDC, at which point the piston has already covered 36.7mm of its stroke. The remaining effective stroke as far as actual compression is concerned is only 37.3mm (note that these numbers will vary a bit depending on valve clearance).
It's interesting to note at this point that the 4C camshaft closes the inlet valve earlier, at 74° ABDC, giving a compression stroke of 42.6mm. 14% more than the A11.
The maths for working out piston travel vs crank degrees is nothing more complicated than high school trigonometry and Pythagoras's squaw on the hippopotamus. I can assemble the general calculation on a spreadsheet for anyone who's interested in applying it to other engines.
If your CR is nominally 8:1, then the effective CR from when the valve closes so the piston can actually start to compress the gas mixture is only 4.7:1. Compressing atmospheric air at 14.7psi by a factor of 4.7, you end up with 68.6psi (absolute). Gauge pressure would be . So why does your gauge read 120psi?
Well, all of the above numbers are simple enough to calculate, but it only applies to isothermal compression (no change in temperature from start to finish of the compression stroke). What happens in reality is not isothermal. The air heats up as it's compressed so there is a thermal component that's not so easy to quantify. In theory, if there's no heat gain or loss through the walls of the cylinder as the gas is compressed, it's called Adiabatic compression. The maths for adiabatic compression is way too complicated to go into here (if you're interested, Wikipedia covers it quite well, but be warned, there's pages of mind-boggling mathematics
https://en.wikipedia.org/wiki/Adiabatic_process)
Suffice to say that the gas gets hot enough during compression to significantly increase its temperature. The interesting bit is that we can work out how hot the compressed gas got to produce the indicated temperature. It might surprise you.
Let's take a snapshot of the compressed volume. As calculated above, if it stays at room temperature, it'll be sitting there at 68.6psi. The universal gas law says that PV/T is constant, so forgetting the volume change for now (that's already happened) it reduces to P/T = constant.
or T
(final) = P
(final)/P
(initial) x T
(initial) (temperatures must be in degrees Kelvin).
Taking the 120psi gauge reading as the final pressure and adding atmospheric pressure to get an absolute pressure of 134.7 psi, we can see that the pressure increase due to temperature is a factor of 134.7/68.6 =1.97. Assuming a starting temperature of 20C (293K), the final temperature must be 293 x 1.75 = 576K, or 303C. That's pretty hot. You only need about 190C to roast a chicken. (Hmm ... I think I just invented the compression BBQ).
When you think about diesel engines that use the compression to ignite the mixture. The fuel mixture needs to get to around 600C to ignite. That's why diesels typically have a CR of around 20:1. I guess 300C gas compression temp in a petrol engine is not so surprising after all.
Happy new year.