The present invention is directed to a magnetic random access memory comprising a first magnetic tunnel junction (MTJ) including a first magnetic reference layer and a first magnetic free layer with a first insulating tunnel junction layer interposed therebetween; a second MTJ including a second magnetic reference layer and a second magnetic free layer with a second insulating tunnel junction layer interposed therebetween; and an anti-ferromagnetic coupling layer formed between the first and second variable magnetic free layers. The first and second magnetic free layers have a first and second magnetization directions, respectively, that are perpendicular to the layer planes thereof. The first magnetic reference layer has a first pseudo-fixed magnetization direction substantially perpendicular to the layer plane thereof. The second magnetic reference layer has a second pseudo-fixed magnetization direction that is substantially perpendicular to the layer plane thereof and is substantially opposite to the first pseudo-fixed magnetization direction.