Hello, If I'm not mistaken, there speedometers on 1994 Toyota pickups rely on a mechanical cable connected to the speedometer on one end and the transmission on the other. A plastic gear in the transmission spins the cable. The cable can fray causing it to fail and the gear inside the transmission can also lose a tooth or two with time and wear. Good luck!
Hello on my 1994 Toyota I do have a sensor on the the transmission which supplies an input to the odometer and speedometer. In my case my odometer is indicating the mileage but not my vehicles speed. I am now checking the foil circuit board as the speedometer does not look accessible.
The 1994 is electronic the with a speed sensor on the transmission that sends pulses to the speedometer. If the Odometer is working then the sensor on the transmission is more than likely functioning correctly. These trucks are pretty notorious for this issue and usually it can be fixed by pulling the cluster apart, replacing the capacitors, fixing the circuit board if there has been any shorts and giving it a good cleaning. There are companies you can send the cluster off to and they will repair the circuit, test and send back to you.
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