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transmission - '97 Jeep Grand Cherokee

I have a 1997 Jeep Grand Cherokee Laredo (V8) with about 75,000 miles on it. Lately, I've noticed a hesitation in the shift sequence of the automatic transmission when I get to 40-45 mph. In addition, when I take my foot off the gas at about 50-55 mph, the vehicle seems to decelerate too quickly -- almost as if it were towing something. As it decelerates, I've noticed that the rpms decrease, then spike momentarily. It is almost as if I'm downshifting in a manual transmission. Any advice?