The lightest xenon isotopes are studied in the shell model framework, within a valence space that comprises all the orbits lying between the magic closures N = Z = 50 and N = Z = 82. The calculations produce collective deformed structures of triaxial nature that encompass nicely the known experimental data. Predictions are made for the (still unknown) N = Z nucleus 108 Xe. The results are interpreted in terms of the competition between the quadrupole correlations enhanced by the pseudo-SU(3) structure of the positive parity orbits and the pairing correlations brought in by the 0h 11/2 orbit. We also have studied the effect of the excitations from the 100 Sn core on our predictions. We show that the backbending in this region is due to the alignment of two particles in the 0h 11/2 orbit. In the N = Z case, one neutron and one proton align to J = 11 and T = 0. In 110,112 Xe the alignment begins in the J = 10, T = 1 channel and it is dominantly of neutron-neutron type. Approaching the band termination the alignment of a neutron-proton pair to J = 11 and T = 0 takes over. In a more academic mood, we have studied the role of the isovector and isoscalar pairing correlations on the structure on the yrast bands of 108,110 Xe and examined the possible existence of isovector and isoscalar pairing condensates in these N ∼ Z nuclei.