It's funny, I tried to set 130 as my "redline" weight but my mind and emotions had other ideas. When I hit 127, my anxiety level is such that I immediately start working on getting it back down. So my de facto limit is 127, LOL.
I was the same way.
My self-imposed "happy weight range" is 115-120. I made a deal with myself that if I ever reach 120 for five days in a row, I have to work to get all the way back to 115. And like you, when I get to like 118, i'm all: Crap! I may as well drop a lb or two now instead of having to lose 5 if/when i reach 120. I've had to do it 3 times in the past 3 years and it gets progressively longer to do (1 wk, then 3 weeks, then 3 months)....so, yeah.
During the 3 month long attempt to get back to 115 (albeit, i didn't try very hard), I was seriously considering upping my happy weight range, though. If it happens again, I just might. We'll see.
Now, on the other side of things, I don't worry too much if i drop below 115, as when I have, it doesn't last very long (except for the couple months after plastics), and it goes back to 115-ish with zero effort.