Your Toyota is exhibiting classic signs of a slipping transmission. It is something that should be remedied, as you can guess, speedily because you need your car.
As to the specific cause, it could be one of several things. For instance, the torque converter may be having problems and may not be sending the correct transmission fluid flow to the clutch packs and bands. Or, it might be the clutch packs themselves that are not receiving enough transmission fluid to hold a gear. The packs, themselves, could also be gone or are on the way out, so they may have to be replaced.
It is possible, though it is doubtful, that the throttle cable could be out of adjustment. The reason that this is not likely the cause is that your car continues to slip out of gear. If it was the throttle cable, alone, then your car would perform poorly throughout its range and your transmission would try to engage, if it didn’t remain engaged, all of the time.
Several other areas to look at include the pressure control module or shift solenoid. If these devices aren’t performing well then your car will shift as you describe it. However, like the throttle cable, it isn’t likely to the be case.
You should also have the following sensors checked to be sure that one of the more than a dozen sensors or modules that affect your transmission are performing correctly. The speed sensor, the mass air flow sensor and the manifold air pressure sensor should also be checked. Again, it is unlikely your car is having problems with these devices as it seems your problem is transmission-related, not mechanical.
Just to be on the safe side make sure that your car’s catalytic converter system is performing correctly as a plugged cat can also cause your vehicle to perform poorly. Again, though, this is just a precaution as the plugged catalyst would make your car run poorly through all gears. Notice it says “through all gears” and that’s because it is not likely your car would slip out of gear, though anything is possible.
Getting back to your car’s specific problem, your first step should to either check the level of the automatic transmission fluid yourself or have your service technician check it for you. Be sure that when it is checked, the vehicle is fully warmed up and that you have run the car through the gears before the dipstick is pulled out. This is to ensure that fluid gets to the whole transmission. (To check the transmission, if you are doing it yourself, you have to part the car on a flat surface, set the parking brake and let the car warm for 20 minutes — 15 minutes if you drive it. Somewhere in the warmup be sure to put your foot on the regular brakes and then run your car through the gears so that the transmission fluid gets into every gear. After 20 minutes or so — having run the car through the gears — pull out the transmission dipstick, wipe it clean and reinsert it. Then, draw it out and look at the level marked HOT. It will likely be okay, but it doesn’t hurt to check. If it is not up to the right level, then purchase the proper transmission fluid for your car — most manufacturers recommend either their own brand or a proper replacement — and fill it up to the right level.
Honestly, it is more likely that your Toyota needs work, probably more than you expect, as the slippage indicates that there is a more than likely a problem with either the clutch packs and/or the bands. The clutch packs are likely worn to the point where they are not sensing the flow of transmission fluid properly so they are not holding the gear. The bands are likely failing as well.
What all this means is that you are facing will likely be a heft repair bill. There is no sense trying to nickel and dime the replacement by just replacing the clutch packs or the bands or both because, once they are placed, they will put more strain on other parts that are likely to fail, in turn, causing you more problems. This means you should have the transmission replaced with a rebuilt unit. The cost will be in the $2,500 to $2,800 range. You may be able to cut your cost is to have your technician check with local salvage yards to see if there might not be a transmission salvaged from a Toyota like yours that is in good condition with reasonably low mileage that will fill your car’s needs and have it swapped in. It is likely a transmission swap will save you $800 to $1,000, plus the cost to the salvage yard.