How to go up a directory in Finder?

If you open a Finder window, near the bottom is the list of the window's directory structure. See the image below.

Click on any of the folders/directories in the list and Finder will go to that location.

Though I don't usually use keyboard shortcuts CommandOption⇧ will move you up one directory in icon view.

There is also a back arrow but that takes you back in your directory tree history.