This paper provides the target observability analysis of time-to-go polynomial guidance law with bearing-only measurement. In this study, a direct approach is used to analyze the target observability. Since the observability condition of a constant-velocity target is given by the function of LOS angle only, the target observability characteristic is determined by substituting the closed form solution of LOS angle to the observability condition directly. The analysis results show that the target observability is depended on the choice of guidance gain, initial intercept condition and guidance command shape. After that this mathematical analysis result is evaluated and demonstrated by number of simulation.