Yes.
However, it doesn't always work out. Sometimes one chops and the thing dies. The insurance, though, is to chop no lower than the lowest branch. Later you may get buds to pop lower down so that you can chop yet lower down, closer to the ground/roots.
There is a pair of rules of thumb to help you figure out about how low you want to chop. One is that the final height of your bonsai should be only about 6 times the trunk caliper. More than 6 times makes for thinner more feminine styles and ultimately, at well more than 12x, literati. Less than 6 times the caliper is good for making sumo or sumo-ish masculine forms. So, if you have a 2 inch caliper trunk, you'll be aiming for a final bonsai height of about 12 inches, or maybe as tall as 24 inches of feminine grace.
The second rule of thumb is that the lowest brach(es) ought to be about one-third of the tree height. If you want taper, this is likely where you will want to chop the trunk to grow the next section, so that it has taper (two branches, chop the trunk, one branch is the new leader, developed into the next section of trunk). This guides you to wanting to chop a 2 inch caliper trunk at something like 4 to 8 inches.
Of course, you could choose to not chop it this low. Your tree has really nice bark and a bit of taper and a little bit of movement. It will be years and years until any new growth from a chop will have bark like that. You could hide the newer trunk behind foliage, but maybe it would be better to hide a high chop and the wound behind foliage for the foreseeable future. If so, then you will want to chop the trunk(s) safely below your planned bonsai height. You'll need to think through your objectives and decide. Regardless of your choice, it think you will conclude the trunks need to be shortened further.
Again, chop only to an existing branch. Life will be more enjoyable.