The cataclysmic variable SDSS J214354.59+124457.8 (hereafter SDSS J214354) was observed photometrically on sixty one nights between 2012 July 28 and 2019 May 26. The long term variation of this object shows changes between two phases; a dwarf nova type and a novalike. This implies that the object belongs to the group of Z Cam type stars. The timing analysis of the light curve reveals a periodic signal at 0.13902(5) d, which we identify as the superhump period. However, the fractional superhump excess of 10 per cent longer than the orbital period is exceptionally large. We obtained a mass ratio of ∼0.4, which is above the accepted upper limit of q = 0.33 for the formation of superhumps. We suggest that the object contains a secondary with an evolved core. With an orbital period of 0.126 d, SDSS J214354 is situated at the upper border of the period gap. The long term light curve of SDSS J214354 is similar to those of Z Cam type stars which are characterized by recurring standstills, followed by short intervals with DN type outbursts. Therefore, we conclude that SDSS J214354 is a new member of the Z Cam type stars.