Yes, you can to launch the translation of all items for the new language. Here you can read how to add a target language.
Note, that you can add only 5 target languages to your store. If you already have 5 target languages, you need to unpublish one of them in order to add a new one.
When you add the language, click on it and click the "Auto-translate" button.
Now you should choose categories, that you want to translate and click "Translate".
The translation will be performed on the background mode and you will get a notification when it's ready. During the translation process, you can manage tasks.