As others have said, you have two things going on; a baseline PSA that may be slowly increasing (but nothing overly sinister) and what is most likely a Prostatitis induced modulation overlaid upon it. I have EXACTLY the same issue going on and essentially arrived at the conclusion (with my Dr) that PSA is telling us nothing particularly useful... one might even ask: "will the real PSA please step forward"!
I would strongly encourage you stay on the MRI/AS program as long as a cadre of sensible physicians support it but to perhaps take some steps to try and uncover that elusive baseline PSA. Here's what worked for me:
1. No horses, bike riding, bungee jumping for 2 weeks
2. No sex for 1 week+
3. Daily Aleve for 5-7 days
4. PSA test
That took my PSA down from 8.5 to 1.6. You can see my roller coaster ride in my signature...
Our plan is to follow that regimen for a few PSA's and see if we can get a handle on the true baseline, accepting that the Prostatitis induced modulation is total noise. Fixing the Prostatitis would help of course... but my horse wouldn't understand and I'm not ready for a pipe and slippers yet at 50.
Paul