The code looks right to be, but I have never used TranslateAnimation()
Personally I use the ObjectAnimator class, this is normally because I want to use NineOldAndroids to support older versions.
This is how it might look using ObjectAnimator.
final ObjectAnimator translateX = ObjectAnimator.ofFloat(arrow, "translationX", centerX, event.getX());
translateX.setDuration(1000);
final ObjectAnimator translateY = ObjectAnimator.ofFloat(arrow, "translationY", centerY, event.getY());
translateY.setDuration(1000);
final AnimatorSet moveAnimation = new AnimatorSet();
moveAnimation.playTogether(translateX, translateY);
moveAnimation.start();