If you do mean engine on coasting which I assume you do since you have an automatic do you mean just foot off the gas while in drive or foot off the gas in neutral? Either way it shouldn't cause any issues but especially if it's still in drive while it's coasting will it not ever be an issue.
Now if you're Turing the engine off on the other hand that could cause some problems, but they would be transmission related not o2 sensor problems.
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Aiming for 50 MPG from an automatic.
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