Actually, it seems that it is not possible, but it is doable to some extent.
You need to update the apk with a specific certificate, sideload it to your phone or emulator, setup a proxy in the middle and use your certificate to decrypt to traffic. This is what i referred up above.
There are many apps out there which started using certificate pinning, which restricts the certificate to only a specific one, so these are a bit hard to overcome