Watson has agreed a deal to stay at Hillsborough until the end of the season although he still has another year on his contract at parent club West Brom.
And although the utility man has enjoyed his spell at Wednesday so far, he feels it's unfair to think about anything until after May.
He told Footymad: "It's difficult to say what will happen in the summer. The loan deal took a bit of time to sort out and I have another year left at West Brom but this is a great club, I have said that before, it's one of the great British institutions of a football club and anyone would be happy to play here.
"But I can't look any further than my loan spell at the moment, as I don't know if West Brom will want me back whether or not they get promoted so a lot of things can happen between now and then. I may have to go back and have play-offs to deal with but it's unfair for me to look anything beyond my loan spell here."
The former Newcastle man is now gearing up for The Owls' clash at Leeds at the weekend and he has been surprised with the West Yorkshire side's alarming form.
He added: "I have a couple of friends up at Leeds and it's not looking good for them but it's a local game for them and they will be taking every match from now until the end of the season as all or nothing as we have to be aware of that but we have to take the positives out of our game with Southend and start finishing the chances we create and stop leaking those goals."
In other news, former Owls striker David Hirst will be joined by current captain Lee Bullen on the Real Radio sports phone in tonight to answer questions from Wednesdayites - the show starts from 6pm.