According to the maximum compiler, munch rules always interpret x +++ yhow x++ + y, and therefore the behavior is well defined.
C11: 6.4 Lexical elements:
p (4)
If the input stream has been parsed in the preprocessing token to the specified character, the next preprocessing token is the longest sequence of characters that can constitute the preprocessing token. [...]
p (6)
2 x+++++y x ++ ++ + y, , x ++ + ++ y .