A magnetic junction, a memory using the magnetic junction and method for providing the magnetic junction are described. The magnetic junction resides on a substrate and is usable in a magnetic device. The magnetic junction includes a reference layer, a nonmagnetic spacer layer and a M-containing oxide layer adjacent to the free layer. M includes at least one of Ti, Al, Hf, Zr, Mo, V and Nb. The free layer is switchable between a plurality of stable magnetic states when a write current is passed through the magnetic junction. The nonmagnetic spacer layer is between the reference layer and the free layer. The free layer is between the nonmagnetic spacer layer and the M-containing oxide layer.