We study experimentally at the macroscopic and microstructure scale a dense suspension of non-Brownian neutrally buoyant spherical particles experiencing periodic reversals of flow at constant rate between parallel plates and tracked individually. We first characterize the quasi-steady state reached at the end of half periods. The volume fraction of particles increases from the walls to the center as a result of migration induced by the nonuniform strain rate. Except very close to the walls and the center, the particle pair distribution is fore-aft asymmetric with depletions of pairs in the extensional quadrants, similar to that reported for shear flows of same volume fraction as the local one. The dynamics of the periodic rearrangements occurring after each flow reversal are characterized by a microstructure tensor component. The relaxation time characterizing the reorganization increases from the walls to the center due to the inhomogeneous strain rate. On the other hand, the local accumulated strain required for this reorganization decreases with the volume fraction, like for viscosity measurements in uniform strain rate conditions. However, the variation of the microstructure with the accumulated strain is faster than that of the viscosity, showing the complementarity of the two measurements.