The magnetic flux through the loop increases when the magnet approaches the loop, and decreases after the magnet has passed through. The induced current in the loop opposes the cause producing the change in flux which, in this case, is the falling magnet. Therefore, the motion of the magnet’ is opposed, first with a repulsion and then with an attraction. The force, in both cases, is upward in the + z-direction.
The magnetic dipole moment of the falling magnet is directed up. Therefore, looking down the z-axis, the induced current is clockwise when the magnet is approaching the loop, so that the magnetic moment of the loop points down; subsequently, as the magnet recedes, the induced current is anticlockwise.
