Yes.
In knitting, the term "yfwd" is an abbreviation for "yarn forward." In order to do a yarn forward, simply pull the yarn strand with which you are knitting between the needles to the front of the work, so that it is in the position normally used when preparing to perform a purl stitch. That's all there is to it!
First of all, the yfwd on the previous row: I'm guessing that there was a double yfwd on the previous row. Whenever you work double yarn forwards (yfwd) or (more commonly) yarn overs (yo), on the next row the 2 yo/yfwd loops are alternately knitted and purled. This makes a nice big - and neat - lace hole.