Psalm 120:1, "In my distress, I cried to Yahweh. He answered me," is a straightforward statement of personal experience and faith. Let's break it down:

"In my distress...": This indicates the psalmist was in a state of suffering, trouble, hardship, or difficulty. It could be physical, emotional, spiritual, or relational. The word "distress" implies a significant level of anguish or pressure.
"...I cried to Yahweh.": "Yahweh" is the personal, covenant name of God in the Old Testament. "Cried" signifies an urgent, fervent plea for help. It's not a casual request but a desperate call to God in a time of great need.
"He answered me.": This is the key affirmation of faith. It states that God responded to the psalmist's cry. The answer might not have been what the psalmist expected, but it was a tangible response nonetheless.

Therefore, the verse as a whole means:

When the psalmist was going through a difficult and painful time, he turned to God (Yahweh) in prayer, urgently seeking His help. God heard his prayer and responded in some way, providing comfort, deliverance, guidance, or a sense of His presence.

Implications and possible interpretations:

God's accessibility: The verse suggests that God is available and responsive to those who call upon Him in times of need.
Prayer as a lifeline: It highlights the importance of prayer as a means of connecting with God and seeking His intervention.
Personal relationship with God: The use of the name "Yahweh" implies a personal and covenant relationship between the psalmist and God.
Hope and comfort: It offers hope and comfort to those who are suffering, assuring them that they can turn to God for help and that He will hear them.
Testimony: The verse is a testimony to the power and faithfulness of God to answer prayer.

It's a concise but powerful expression of trust in God during times of adversity, a theme that resonates throughout the Psalms.