Byrne joined Wolves from Swindon Town in the summer transfer window, but he has found appearances hard to come by at Molineux.
The 23-year-old has barely featured since the turn of the year, but Jackett insists that he still has a future at the club.
“He’s been unlucky,” Jackett said. “We have [Rajiv] Van La Parra and James Henry in the wide areas and generally they’ve dominated the selection.
“Nathan’s done nothing wrong, I’ve been impressed with him when he’s been in. I think he’s a young player with a very good future.”
Byrne was snapped up by Wolves after he scored a hat-trick for Swindon back in August, but he has taken time to adjust to stepping up to Championship level.
The right-sided player has made just five league starts for Wolves, but calls are starting to grow for his inclusion from supporters.
Byrne has caught the eye on his fleeting opportunities, and his skill in possession makes him an exciting player to watch.
Byrne’s next chance for Wolves could come against Reading at the weekend, where he will be hoping to be included in a starting line-up for the first time in 2016.