Arduino & JY-MCU Bluetooth module
I have one of these modules here somewhere (works fine, once you find the right documentation)
IIRC it has an on board 3.3V regulator, so you can feed it 5V (range 3.6V - 6V) on the VCC line okay.
However, the TX and RX lines are 3.3V, so you must use the same level logic here. If your Arduino pins are 5V logic you need to level shift them accordingly to avoid breaking the new module.