Compression test results can vary depending on a whole slew of factors (e.g., your altitude, what kind of shape the battery and starter and connections are in, if the engine is warm or cold, all spark plugs in or out, throttle open or not, etc.) so a general "it's fine/it's dead" is not always easy to see.
That said, I would think that 120 is OK for a 1.7; all within <5% is definitely a good sign. I'd say just go ahead and drive it.
--DD