Length of the shock doesn’t affect travel.
Rear wheel travel is calculated by shock stroke x leverage ratio.
We can work out the ratio using your numbers,
138mm from a 55mm stroke gives a ratio of ~2.51:1.
128mm from a 50mm stroke gives a ratio of ~2.56:1
So if we take a rough average of 2.53 and divide 120 by that number, you need an eye to eye length of 185mm and stroke of 47.43mm to achieve 120mm of rear wheel travel.
Approximately…
Given that metric shocks tend to come in 2.5mm increments, you might struggle with that. I guess if you can find a 185×45 and remove a spacer you might end up at 47.5mm. I have no idea if such a thing exists though.
I know for example my Float X comes at 210mm length and 55mm stroke. That can be reduced to 52.5 or 50 but that’s your lot in terms of adjustment. I’m not sure you can add more spacers to get down to 47.5.