In one aspect, the present inventions are directed to a magnetoresistive structure having a tunnel junction, and a process for manufacturing such a structure. The tunnel barrier may be formed between a free layer and a fixed layer in a plurality of repeating process of depositing a metal material and oxidizing at least a portion of the metal material. Where the tunnel barrier is formed by deposition of at least three metal materials interceded by an associated oxidization thereof, the oxidation dose associated with the second metal material may be greater than the oxidation doses associated with the first and third metal materials. In certain embodiments, the fixed layer may include a discontinuous layer of a metal, for example, Ta, in the fixed layer between two layers of a ferromagnetic material.