Asus 120Mz and FPS

I recently bought the Asus 144Mz monitor.

I have set the res to 1080 (120mz) in the game settings.

When I cap the FPS (in game settings) to 60FPS I get a reading of 120FPS on the in game monitor and from FRAPS. If I leave it uncapped it shoots up to 240FPS and sends my fans into overdrive. I have a 690GTX and it's a fairly new PC (about 6 months old).

I don't know much about the tech side of it and while it looks nice and smooth, it seems to be putting out double the cap set.

Does anyone else have an Asus or BenQ 144mz monitor and is this normal?

Running a 120hz BenQ with a 780 here, got about 100-130 fps in dungeons.

Are your ingame settings at 1/1 60FPS or unlimited though?

Unlimited. Fraps and the ingame FPS meter are showing me more than 120 only while loading stuff

So I don't know why mine is doubled. Obv it doesn't cap in busy areas but in the inn it shows double. -.-

Unless I'm missing something, if I cap it in game to 60FPS shouldn't that be the max?