Investment strategies have important theoretical and practical implications. As one of the main strategies, technical analysis (TA) is a well-known investment analysis for investors. Usually used with fundamental analysis, it helps the investors to analyze stock performance. TA helps investors to predict the future pattern of an investment by using historical market data. In contrast, efficient market hypothesis (EMH) is the ideal market which the price reflects all information in the market. The purpose of this study is to investigate market efficiency of Japanese equity market, Tokyo Stock Exchange (TSE), by using TA. We use a sample of three (3) stocks from the TSE for selection and analysis based on simple moving average (SMA). The period performance and performance ratio are also determined to test the validation of SMA. Our results show that SMA failed to predict the market. The inverse result between SMA and stock performance, and the poor performance of ratios indicate that SMA failed to predict TSE, thus implying market efficiency. This paper builds the foundation for other researchers to analyze the Japanese stock market.