Amazon’s repricer will increase your price within the rules you establish — up to the Max Price you set. Your price will move between your Max and Min based on the logic you set as it relates to competitor’s pricing and the rules you have set.

Every time a price change occurs with any seller, or a new seller arrives or one leaves the product, your repricer logic will be triggered and the rules you have will dictate whether a price change is needed and in which direction.

Ours moves up and down based on the rules we set when we tested it last month on a few products.
I would recommend you review the Automate Pricing help page and go through the videos to ensure you are setup properly. The video clearly shows and talks about pricing adjusting up and down — as long as the rules are setup properly.