Big problem with your drawing. LEDs aren't rated for 120x1.414 V reverse voltage. The only thing that keeps the reverse voltage sane on LED1 is the fact that LED2 is functioning and keeping the voltage at 3v. If LED2 has a problem, suddenly LED1 is looking at 120V peak reverse current, kaboom.
Series each LED with a diode good for 120V peak reverse current. (120x1.414).