Where is the modulator valve on a 1994 Dodge Caravan?

The modulator valve on a 1994 Dodge Caravan isn't a single, easily identifiable component like a carburetor or distributor. Instead, it's integrated into the transmission itself. There isn't a separate modulator valve you can easily locate and replace externally.

To access what would be considered the modulator's internal components (though it's not a discrete valve in the same way older cars had), you'd have to remove the transmission. The function of the modulator valve is now handled by internal components within the transmission's valve body. Repair or replacement generally involves rebuilding or replacing the entire valve body or the whole transmission.