The present invention is directed to a magnetic memory element including a magnetic free layer structure having a variable magnetization direction perpendicular to a layer plane thereof; a non-magnetic metal layer formed adjacent to the magnetic free layer structure; an oxide layer formed adjacent to the non-magnetic metal layer; an insulating tunnel junction layer formed adjacent to the magnetic free layer structure opposite the non-magnetic metal layer; a first magnetic reference layer formed adjacent to the insulating tunnel junction layer; a second magnetic reference layer separated from the first magnetic reference layer by a perpendicular enhancement layer; an antiferromagnetic coupling layer formed adjacent to the second magnetic reference layer; and a magnetic fixed layer structure formed adjacent to the antiferromagnetic coupling layer. The first and second magnetic reference layers have a first invariable magnetization direction substantially perpendicular to layer planes thereof. The magnetic fixed layer structure has a second invariable magnetization direction substantially opposite to the first invariable magnetization direction.