Usage patterns
拳を振り上げるto raise one's fist (in anger or defiance)
He raised his fist in anger.
拳で〈人〉を殴るto punch someone with one's fist
He punched his opponent with his fist.
拳を突き上げるto thrust one's fist into the air (as a gesture of triumph)
The player thrust his fist into the air after scoring the goal.
