Yes, assuming there is availability for the week you want to move to.
Essentially, MS cancels the first reservation and the borrowed points go back into the current use year (year into which they were borrowed). Then MS uses those same points to make the new reservation. If the new reservation requires less points, the "extras" need to be used by the end of the current use year or they expire. If the new reservation requires more points, MS would have to borrow them (assuming you still have some left to borrow).
Best wishes -