probably.
If you prise that rubber cap off the top of the stem there will either be a bolt head or an hex socket. Undo it a few turns, then give it a sharp smack with a hammer. (you may need to use a drift of some sort to reach the bolt head). This will release the wedge inside the steering head. Once released you will be able to raise or lower the bars as you want them. Once adjusted and pointing straight ahead then firmly tighten the bolt and replace the rubber cap.
There may be a mark on the stem which will warn of maximum height. Be sure not to pull the bars up too high.
This video will show you:
http://www.ehow.com/video_5773308_raise-bicycle-handlebars.html