  Magnetization and magnetoresistance measurements are reported for
antiferromagnetically coupled DyFe$_2$/YFe$_2$ multilayers in fields up to 23
T. We demonstrate that the formation of short exchange springs (~ 2 nm) in the
magnetically soft YFe$_2$ layers results in a giant magneto-resistance as high
as 32% in the spring region. It is shown that both the magnitude of the effect,
and its dependence on magnetic field, are in good agreement with the theory of
Levy and Zhang for giant magnetoresistance due to domain wall like structures.
