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The equation for the direct variation is y= kx (where k is contant of variation.)
This equation represent that if x will increase then y will also increase because it's k times x.
Where the equation for indirect variation is 
By this equation if x will increase then y will decrease and vice versa.
The given data is :
x: 2 4 8 12
y: 4 2 1 2/3
Notice as x is increasing then y is decreasing. Like x has increased from 2 to 4 then y is decresing from 4 to 2 and so on.
So, the given data represent an indirect variation.