Short answer: Yes!
How to do it? Depends on your individual spreadsheet. In the status
bar, do you have something to the effect of "circular:J6"? That's
Excel's way of telling where it recognizes the circular reference.
Then you can use the formula auditing tools (Tools>Formula
Auditing>Trace Precedents/evaluate formula/show toolbar/etc.) to try to
locate the circular reference. There's also a circular reference
toolbar (View>Toolbars>Customize>Toolbars>check circular reference
toolbar) that has some of the same tools.
If Excel can't identify one of the cells in the circular reference, but
there is one, then you'll have to work a little harder at locating the
circular reference, but it involves the same tools, you just may have a
harder time knowing where to start.