  Josephson junctions with ferromagnetic layers are vital elements in a new
class of cryogenic memory devices. One style of memory device contains a spin
valve with one "hard" magnetic layer and one "soft" layer. To achieve low
switching fields, it is advantageous for the soft layer to have low
magnetization and low magnetocrystalline anisotropy. A candidate class of
materials that fulfills these criteria is the Pd$_{1-x}$Fe$_{x}$ alloy system
with low Fe concentrations. We present studies of micron-scale
elliptically-shaped Josephson junctions containing Pd$_{97}$Fe$_{3}$ layers of
varying thickness. By applying an external magnetic field, the critical current
of the junctions are found to follow characteristic Fraunhofer patterns. The
maximum value of the critical current, extracted from the Fraunhofer patterns,
oscillates as a function of the ferromagnetic barrier thickness, indicating
transitions in the phase difference across the junction between values of zero
and $\pi$.
