This is a joystick very similar to the analog joysticks on PlayStation 2 controllers.
Directional movements are simply two potentiometers - one for each axis.
Potentiometers are 10ΚΩ each.
This joystick also has a select button that is actuated when the joystick is pressed down.
There are 5 pins on board: VCC, GND, Χ, Υ and Button.
Connect the module with 5V power supply with VCC and GND, you can read out the joystick status by Χ,Υ and button pins.
When using the 5V power supply, the default analog output for Χ,Υ is 2.5V.
With the direction of the arrow, the voltage up to 5V, and the opposite direction down to 0V.