An effect is considered of alternating (high-frequency) current on the spin-valve-type magnetic junction configuration. The stability with respect to small fluctuations is investigated in the macrospin approximation. When the current frequency is close to the eigenfrequency (precession frequency) of the free layer, parametric resonance occurs. Both collinear configurations, antiparallel and parallel, can become unstable under resonance conditions. The antiparallel configuration can also become unstable under non-resonant conditions. The threshold current density amplitude is of the order of the dc current density for switching of the magnetic junction.