For a p-n junction at equilibrium, the fermi levels match on the two sides of the junctions. Electrons and holes reach an equilibrium at the junction and form a depletion region. The upward direction in the diagram represents increasing electron energy. That implies that you would have to supply enery to get an electron to go up on the diagram, and supply energy to get a hole to go down.

To reverse-bias the p-n junction, the p side is made more negative, making it "uphill" for electrons moving across the junction. The conduction direction for electrons in the diagram is right to left, and the upward direction represents increasing electron energy.

To forward bias the p-n junction, the p side is made more positive, so that it is "downhill" for electron motion across the junction. An electron can move across the junction and fill a vacancy or "hole" near the junction. It can then move from vacancy to vacancy leftward toward the positive terminal, which could be described as the hole moving right. The conduction direction for electrons in the diagram is right to left, and the upward direction represents increasing electron energy.

When the p-n junction is forward biased, the electrons in the n-type material which have been elevated to the conduction band and which have diffused across the junction find themselves at a higher energy than the holes in the p-type material. They readily combine with those holes, making possible a continuous forward current through the junction.