Need Help - Transmission/Electrical Problem?

Thanks in advance for any help/guidance with this issue!

I have a 1994 Ford Ranger XLT. 135000 Miles. 1 Owner with no previous big problems.

Yesterday was driving through town and check engine light came on. It stayed on for about 30 seconds then went off. This repeated for the next 20 minutes. No problems noted with the vehicle until I reached a rural area and increased speed. Notice that around 60 mph, the vehicle would jerk and would appear to have a transmission issue. No problems were noted at lower speeds, but the jerk occurred 3 times all at higher speeds. All the while the check engine light is coming on and then going off.

Any ideas?

Is it 4wd because something similar happened when the 4wd was broken in my '98.

You don't say if your trans. is auto or manual. Either way if your engine is cutting off and on I'm sure you would feel a jerk probably more if manual. If it's auto the overdrive could be dropping in and out without really being a trans. problem but from the computer sensing a problem and turning it off. I would check the codes and go from there even if the light is out now the memory is stored in the computer. Hope this helps some.

You don't say if your trans. is auto or manual. Either way if your engine is cutting off and on I'm sure you would feel a jerk probably more if manual. If it's auto the overdrive could be dropping in and out without really being a trans. problem but from the computer sensing a problem and turning it off. I would check the codes and go from there even if the light is out now the memory is stored in the computer. Hope this helps some.

My 94 4wd w/ AT acted similarly a while ago. No power at speed when the chk eng lite came on, felt like tranny sliiping or something. Turns out the EPT sensor (exhaust pressure temperature) was bad. $85 part and all is well.
Buckaroo Bonzai