Of course you can use the ▲ (up) and ▼ (down) keys to navigation through the last executed commands, but there are way more comfortable ways to search through your console history.

Search through last commands:

$ CTRL + r # Reverse search

Show all console commands with the search term in it as a list:

$ history | grep "your search"

And to jump within one command:

$ CTRL + a # To the beginning of the line
$ CTRL + e # To the end of the line