The induced EMF is a function of CHANGE in flux. Once the semicircle begins entering the region with the constant magnetic field, the same amount of area is entering the field per unit time until it is fully in the magnetic field region. Likewise, the same amount of area per unit time exits the magnetic field region until the semicircle completely exits the region, and the process happens again and again (periodically).
For example, say the semicircle is revolving at a rate of a quarter revolution per second, and we start measuring the EMF right before the semicircle enters the magnetic field region. Then, in the first second, a quarter of a circle's area has entered the region. In the next second, another quarter of a circle's area enters the region. This is the same amount of CHANGE in area in the field for both seconds, hence the same change in flux for each second (since the magnetic field doesn't change). This is graphically represented by the first positive segment of the square wave. Apply the same logic for the next two seconds, but it is a negative change in area, hence a negative EMF, and the negative segment of the square wave. Rinse and repeat.
Good luck,
F2