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Junction object possible by two Look up relationships
Many to many relationship is being created by junction objects , then below two options are possible to
create it ?
1)Object A Look up relationship--->Junction object <----Look up relationship Object B
2)Object A Master Detail relationship--> Junction object <--- Master Detail relationship Object B
It is possible to create the Junction Object with Lookup fields. However there are advantages in case of Master detail in terms of security and dependency.
You should look into below article:
http://shivasoft.in/blog/salesforce/deep-drive-in-junction-object-create-many-to-many-relationship-in-salesforce/