Hi, bizzy, some of the most common problems have been mentioned already but here are a couple more to consider if they don't work...
One of the common but overlooked problems that can cause the type of distortion you describe is a loose fitting in the stylus, cartridge, or tonearm.
Sometimes the stylus assembly can become slightly loose from the cartridge body. To check, you can try CAREFULLY pushing the styus assembly firmly back onto the cartridge. Your Denon owner's manual has a diagram and instructions on how to remove and replace the stylus so you can use it as a guide.
The other things to check are the cartridge mounting screws and the headshell lock nut: make sure they're both tight. Be careful not to apply too much torque, but they should both be finger tight. Again, your owner's manual has a diagram and descriptions.
Good luck in your troubleshooting and let us know what you find out.
Regards,
Tom