According to Lenz’s law, the induced current itself creates a magnetic field to oppose the change in the external magnetic field.
Using the right hand rule, the clockwise current creates a magnetic field vertically downward.
By Lenz’s law, the created magnetic field points downward in response to...
if the external magnetic field points upward and is increasing in strength...
or points downward and is decreasing in strength.
We are told the external field is increasing in strength, so its direction must be vertically upward.