Jumping fish

I know it most likely has been made before, but I'm running out of time.

I have a fish object, how do I make it appear from the bottom of the layout and jumps in a rainbow-like arch then heads back into the bottom.

I'm a bit of a noob, but I was wondering if you might be able to have it circumnavigate an invisible sprite. Here is a related forum topic that might help.

http://www.scirra.com/forum/how-do-i-make-earth-rotate-around-the-sun_topic45633.html