The present invention relates to a memory cell including a first reference layer having a first magnetization with a first magnetization direction and a second reference layer having a second magnetization with a second magnetization direction substantially perpendicular to the first magnetization direction. A storage layer is disposed between the first reference layer and second reference layer and has a third magnetization direction about 45.degree. from the first magnetization direction and about 135.degree. from the second magnetization direction when the memory cell is in a first data state, and a fourth magnetization direction opposite the third magnetization direction when the memory cell is in a second data state.