Yes. This was the new plan Blizzard outlined when they announced this new system of points back during the end of Wrath. Previously, we had a new currency that was released every time a new tier of gear was released. The new currency would be used to buy the new level of gear, and the old currencies would still be good for the older gear. That resulted in myriad currencies to keep track of by the time all the tiers were released for any particular expansion.

The new system works like this: The most current tier of gear available will always be purchasable with Valor Points, and everything else will be purchasable with Justice Points. This means every time a new tier is released, the current tier drops down to Justice Point level, so the new tier can be the only thing purchased with Valor.

For that reason, all your Valor Points also drop down to Justice Points, so you don't immediately have a stash of currency available to buy the brand new tier that was just released. Your Justice Points will now buy everything except the brand new tier - including the tier that just dropped, which was previously only purchasable with Valor Points.

I know that's a long answer, but I hope it helps.