The key to a mid ocean intercept is intel, and guess work and arithmatic on the part of the player. This is modelded really well, and I love it.
Ok, the first thing. To find the enemy. You must use a coastwatch, submarine, or naval aircraft to find a target on the previous turn. Coast watcher sightings aren't too reliable, I prefer air search as they give the most intel. Ok, below are three bmps explaining the strategy.

On the First one, a sub has found a lone ship, traveling at 5 knots (we assume for the excercise), and a course of SE. The other sub a few hexes away will simulate a Surface combat TF.

So, we take the course of SE. This is marked in white as the probable hexes the Japanese ship will travel. at 5 knots, in 12 hours it will reach 60 nm, or 1 hex away. At 5 knots for 24 hours, it will reach 120 miles away, or 2 hexes away. The Black dot thus represents the travel time of 12 hours, or where it will be at night fall. The white dot represents a travel time of 24 hours, and where it will be during the day.

So, you need to move your TF, with a patrol/do not retire order, into one of the corresponding hexes. Either the bottom one (the intercepting course of 270 degrees) to initiate a day action, ot the one of 310 degrees for a night action.
A Day action will be the most successful, as it will be hard for 1 ship to be found in a 60 nm hex. During an action in the Solomons when I tried this, I found the enemy ship with my cruiser/dd screen, but only 2 cruisers and 1 DD actually found the ship. This however was enough.
Another way to try it (and the least likely to work) is to see where the TF is on one turn, and check its position on the next. COmpute the direction it moved, and the number of hexes it moved, and then order your TF to the position where it will be. Of course, since it has already held course for 1 day, it may shift course, or whatever. Try both methods, and see works best for you.
Happy hunting!