The Over 30s contestant performed 'Dirty Diana' by Michael Jackson on last week's King of Pop-themed live show, earning enough public votes to reach the Top 5 stage of the competition.
This week's live performance show will see each of the Top 5 performing two tracks, including one chosen by the public as part of the Pepsi Challenge.
Speaking to Access Hollywood about this week, Krajcik said: "I feel good. I feel focused. I want to prove my versatility and prove that I can challenge myself and come out on top.
"I want to always take risks and challenge myself and if I can do that and do it well then things will be good."
Krajcik went on to say: "We have two songs this week which is added pressure, obviously, but at the same time it takes a little bit off because you can blow a song but you still have one to save yourself.
"I'm excited because it's just more time to perform and that's the fun part of this whole thing."
As for how his 13-year-old daughter Rowan had reacted to the news he had reached the Top 5, he said: "Poor thing, she was hiding behind a blanket watching [the results] back at home. She was so upset, and then after my name was called she was all smiles.
"It must be very hard for her to see me doing this. I try to remind her, 'Life is good, I'm in the Top 5'. I'm excited to be here and move on, we're only three weeks away from this thing. It's right there, just gotta work hard."
Watch Josh Krajcik talking to Access Hollywood below:
Krajcik is being mentored by Nicole Scherzinger, who previously said that she felt lucky to be working with him because he is such an accomplished performer.
"He's such a real, true musician so I get to trust him when he doesn't like something musically he can just go and do it," she said on a U-Stream talk with fans.
"As long as he is happy and he feels it is in his veins, I'm cool with it. I'm very fortunate to have that with him. I don't know if the other contestants are as well-rounded musicians and real artists like him."
> X Factor Nicole Scherzinger, Josh Krajcik collaboration would be fun
> Read Digital Spy's full X Factor headlines
Last week's X Factor double elimination saw Drew Ryniewicz and rapper Brian 'Astro' Bradley sent home.
Astro was eliminated after it was revealed he had polled the fewest number of public votes, then Drew was sent home by judges Scherzinger, LA Reid and Paula Abdul after singing for survival against Marcus Canty.
The acts still in the running for the $5 million recording contract prize are: Marcus Canty, Melanie Amaro, Rachel Crow, Chris Rene and Krajcik.
Watch Josh Krajcik perform 'Dirty Diana' below: