Though it is too early to speculate on how to recover from Penguin 2.0 update penalty, there are some ways to bring back the lost ranking. Google Penguin 2.0 is penalizing websites involved in web spamming so best way to prevent this is to stop doing spamming.
Here are few things that a SEO needs to work on in order to improve their website's ranking and recover from Google Penguin 2.0 affect:
At first stop targeting the search engine, instead target the audience. It is not the first time a Google update of Penguin has affected sites ranking and clearly it will not be the last. Google has said time and again that they will prefer websites that are genuine and are knowledge-rich. There are SEO tricks that may bring your rank up but it will not be for long and it is better to look for a permanent method.
So, make the content of your website original, genuine and rich with no keyword stuffing.
Improve your links and anchor text. The best way of link juice for SEOs was to target a particular keyword and buy an anchor text of it from a website. This is paid linking. Penguin 2.0 has made it clear that they will specifically target such type of linking. Also unrelated linking (like if you have a travel website and you are taking a link from paint company) is being under watch. Spam comments on forums and blogs are being heavily punished.
So, mix up your anchor text. Stop paid linking and start guest posting and use social networking sites. Links from low quality sites must be avoided. Spamming must be stopped. Links taken should be relevant that means a travel website must take a link related to its domain.
Duplicate Content and Keyword Stuffing. Low quality content of a websites especially in other languages is being penalized. 2.3% of English searches have been affected by Penguin 2.0 but much larger affect has been on other languages. Reason is duplicate content and keyword stuffing which has been major traffic generator till now. Article marketing sites have been affected by this. One article posted on different sites will not work now. And a website page filled with keywords and poor content will not be entertained.
So, stop translating. Use original content every-time and avoid keyword stuffing. Keyword stuffing will no longer work with immediate affect. Improve the quality of content that actually helps audience.