ISSU on 11.4 is not supported if you have any of the config specified below.
MGCP, SCCP, VPN, Logging, IDP, AppSecure, NTP, PCAP, Port Mirroring, GRE/IPIP, Multicast, SNMP, Interface Monitoring, LACP, LAG, JFLOW, GPRS/GTP/SCTP
Ref:
https://kb.juniper.net/KB17946You can deactivate/delete these features and try upgrading. On my personal experience , many ISSU failures occurred with 11.4 ISSU and recommendation would be to use minimal downtime upgrade as in KB17947 (
https://kb.juniper.net/KB17947)
Regarding upgrade from 11.4 to 12.1X46, you can upgrade directly as they both are EEOL releases.