We present the results obtained from unfiltered photometric CCD observations of the newly discovered cataclysmic variable SDSS J040714.78-064425.1 made during seven nights in 2003 November. We establish the dwarf nova nature of the object as it was in outburst during our observations. We also confirm the presence of deep eclipses with a period of 0.17017 +/- 0.00003 d in the optical light curve of the star. In addition, we found periods of 0.166 +/- 0.001 d and possibly also 5.3 +/- 0.7 d in the data. The 0.17017 d periodicity is consistent within the errors with the proposed orbital period of 0.165 and 0.1700 d. Using the known relation between the orbital and superhump periods, we interpret the 0.166 and 5.3 d periods as the negative superhump and the nodal precession period respectively. SDSS J040714.78-064425.1 is then classified as a negative superhump system with one of the largest orbital periods.