A magnetoresistive element that includes a free ferromagnetic layer comprising a reversible magnetization directed substantially perpendicular to a film surface, a pinned ferromagnetic layer comprising a fixed magnetization directed substantially perpendicular to the film surface, and a tunnel barrier layer disposed between the free and pinned ferromagnetic layers, wherein the free and pinned layers contain at least one element selected from the group consisting of Fe, Co, and Ni, at least one element selected from the group consisting of V, Cr, and Mo, and at least one element selected from the group consisting of B, P, C, and Si, and wherein the free layer, the tunnel barrier layer, and the pinned layer have a coherent body-centered cubic structure with a (001) plane oriented, and a bidirectional spin-polarized current passing through the coherent structure in a direction perpendicular to the film surface reverses a magnetization direction of the free layer.