It's tough to give a particular number. I tend to look and make sure all the corals are getting good flow (I check to see that polyps are blowing in the current) and there are no dead spots where stuff is collecting.
Also, consider what you're going to keep in the tank. Many of the larger polyp stony corals and tridacna clams seem to do better with gentle flow. Some of the small polyp stony corals seem to thrive in much stronger, chaotic currents.
People often use tank turnover as a rough rule-of-thumb, but I'm not sure how useful that is (sorta like watts-per-gallon with lighting...). For a reef you'll commonly hear something like get 5X - 10X of the tank volume through the sump per hour and maybe another 10X in the main tank. So in your case (120 gallon tank) 600 - 1200 GPH through the sump and maybe another 1200 GPH in the main tank.
Again, I don't think these guidelines are all that useful, but I guess it gives you a starting point. My advice is, don't worry too much about the numbers - just make sure you've got plenty of circulation everywhere - no dead spots. IMO it's something you can just check visually...
HTH