The Gunners, who drew 1-1 at Everton on Wednesday night, are down in seventh place, five points behind West Brom and third-placed Chelsea. But Wenger feels if Arsenal can make Emirates Stadium a fortress once again, they can soon close back in on the top four.
"If you look at the Premier League at the moment we have played 14 games, eight away, and now we have played at the two Liverpool clubs and the two Manchester clubs," he said. "If we play well at home and get the results at home we have a chance to come back, that is our job now."
He went on: "We have rebuilt a new team, we have Jack Wilshere back and hopefully we can go from strength to strength.
"We have the spirit, but we have some room for improvement in the final third. Overall, though, when you have the spirit you have the chance.
"We have to show that now by being consistent."
Captain Thomas Vermaelen maintains no-one can fault the mentality of the Arsenal squad.
Defender Vermaelen insists the team are showing all the signs needed to push forwards, having extended their unbeaten run to four matches in all competitions which saw Arsenal secure a place in the knockout stages of the Champions League ahead of next week's final Group B game in Athens.
"Mentality-wise, there is nothing wrong with the team," Vermaelen said on Arsenal Player.
"Everybody works hard and there is no one who doesn't work for the team, and that will give you results, from that point of view I am very happy."