I just had to track down an exhaust leak myself in my 110. The picture you posted, honestly looks like a leak point. The weep holes are not normally at joints of exhaust pipe. They are on flat areas, or low lying points in the system.
Another point is that you can normally hear an exhaust leak. It sounds like a pitter sound (check out a video on youtube, because I can't really type it phonetically).
Additionally, something that will clearly standout is a black soot mark coming out of the pipe (normally at a joint, a connection, etc.) Mostly due to loosened bolts, something jarred while offroading, etc.
Finally, smell and air movement. You could take a cotton swab and place it around the system while on. The stronger the smell, the closer you're getting to the leak. Then once you see the cotton swab, or whatever you use move, you can pinpoint the location. Sometimes the leak will be just that, as small as a pin-hole. But, due to your conditions noted, it's probably a bad connection between pipes, the manifold, or a rusting spot along the system or any spot where welding has been done.
I would get under the truck and check it out for a while. Definitely try and "hear" the leak. Once you hear it, you know. Then there are more than likely tale-tell signs of soot deposits at/near that location.
Hope that helps.