A 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 free and pinned layers separated by a nonmagnetic spacer layer. The free layer is switchable between stable magnetic states when a write current is passed through the magnetic junction. The pinned layer has a pinned layer perpendicular magnetic anisotropy energy greater than a pinned layer out-of-plane demagnetization energy. The pinned layer includes a high perpendicular magnetic anisotropy (PMA) layer including at least one nonmagnetic component, a magnetic layer and a magnetic barrier layer between the high PMA layer and the magnetic layer. The magnetic barrier layer includes Co and at least one of Ta, W and Mo. The magnetic barrier layer is for blocking diffusion of the nonmagnetic component of the high PMA layer.