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How exactly do eddy currents slow down objects moving though a magnetic field

When a pendulum made of a conducting material moves through a magnetic field, it's a well-established fact that it experiences a retarding force, thus slowing it down, however, I'm unable to understand why this takes place, as expected the magnetic field doesn't retard it(one can verify the same via the right hand rule). Is this because of an induced electric field, if so, how can one find the direction of this field?