The home defeat by Swansea last weekend made it just two wins in eight matches as the Gunners slumped to 10th place.
"The danger of our situation is the margin for error is very small, but it is also a good opportunity to show we can be consistent, and I believe we can be," Wenger said.
"Let's not go overboard. We have 24 games to play, we are in all the competitions, how many clubs would love to [be], so it is down to us to make the season right and to turn the season around well on our side.
"I am confident we will and I believe we have the quality to do it."