Assuming you mean "x" to be "horizontal" and "y" to be "vertical", the 1.20 m is y.
The initial vertical velocity is 0.
How long does it take for something to fall 1.20 m from rest? That's the time the mug is in the air.
The initial vertical velocity is 0. How long does it take for something to fall 1.20 m from rest? That's the time the mug is in the air.
The initial horizontal velocity is 1.50 m/s. Ignoring air resistance, that's going to be constant. Once you know how long the mug is in the air, multiply that time by 1.50 m/s and you've got the horizontal distance from the end of the bar, and you're done.