We expand the time reversal symmetry arguments of quantum mechanics, originally proposed by Wigner in the context of unitary dynamics, to contain situations including generalized measurements for monitored quantum systems. We propose a scheme to derive the time reversed measurement operators by considering the Schr{o}dinger picture dynamics of a qubit coupled to a measuring device, and show that the time reversed measurement operators form a Positive Operator Valued Measure (POVM) set. We present three particular examples to illustrate time reversal of measurement operators: (1) the Gaussian spin measurement, (2) a dichotomous POVM for spin, and (3) the measurement of qubit fluorescence. We then propose a general rule to unravel any rank two qubit measurement, and show that the backward dynamics obeys the retrodicted equations of the forward dynamics starting from the time reversed final state. We demonstrate the time reversal invariance of dynamical equations using the example of qubit fluorescence. We also generalize the discussion of a statistical arrow of time for continuous quantum measurements introduced by Dressel et al. [Phys. Rev. Lett. 119, 220507 (2017)]: we show that the backward probabilities can be computed from a process similar to retrodiction from the time reversed final state, and extend the definition of an arrow of time to ensembles prepared with pre- and post-selections, where we obtain a non-vanishing arrow of time in general. We discuss sufficient conditions for when times arrow vanishes and show our method also captures the contributions to times arrow due to natural physical processes like relaxation of an atom to its ground state. As a special case, we recover the time reversibility of the weak value as its complex conjugate using our method, and discuss how our conclusions differ from the time-symmetry argument of Aharonov-Bergmann-Lebowitz (ABL) rule.