Hi remcio,
You are absolutely correct in what you have mentioned here.
You will have to upgrade to 11.4 before attempting to upgrade to 12.1 version.
You can see the same metioned as below;
You can upgrade or downgrade to the EEOL release that occurs directly before or after the currently installed EEOL release, or to two EEOL releases before or after. For example, Junos OS Releases 10.0, 10.4, and 11.4 are EEOL releases. You can upgrade from Junos OS Release 10.0 to Release 10.4 or even from Junos OS Release 10.0 to Release 11.4. However, you cannot upgrade directly from a non-EEOL release that is more than three releases ahead or behind. For example, you cannot directly upgrade from Junos OS Release 10.3 (a non-EEOL release) to Junos OS Release 11.4 or directly downgrade from Junos OS Release 11.4 to Junos OS Release 10.3.
http://www.juniper.net/techpubs/en_US/junos12.3/information-products/topic-collections/release-notes/12.3/topic-69605.html
To check which are EEOL versions, please check the below link;
http://www.juniper.net/support/eol/junos.html