The motherboard temperature readouts are high, your VRM is running hot.
Does this happen if you remove the side panel of your case? Is there dust accumulated on the board?
You should be able to feel heat coming off of any component at that temperature by holding the back of your hand over it. (Don't touch anything until you know it's not that hot. 120C is enough to cause second degree burns.)
Other than that, it might simply be a sensor failing.