Remember that field lines come out of the north (N) pole of a magnet. As the magnet
moves closer to the loop, the flux in the downward direction increases. By Lenz’s Law, the
current must then be in the upward direction. Using the right-hand rule, we find that the
current will flow counterclockwise as viewed from above.
As the middle of the magnet passes through the loop, the flux decreases in the downward
direction. A decrease in the magnitude of the downward flux is the same as a change in
flux in the upward direction, so at this point the change in flux is upward, and the current
will change direction and flow clockwise.
It doesn’t matter whether the magnet or the loop is moving, so long as one is moving
relative to the other.