All of the resistors should be ¼ W types, except for R2 which should be ½ W in most situations. When R1 is 120 Ω, R2 must be under 2.5 kΩ to have less than ¼ W dissipated through this path. R2 has to be even smaller if you use a 100 Ω R1, no more than 1.6 kΩ to avoid burning it up. Even when ¼ W is sufficient, you may want to use a ½ W unit anyway to keep heat in this resistor down, improving long-term accuracy.