We went through this recently, and it depends on how valleys are done in your area.

(That's what was decided here.)
Many areas install a 16" wide valley metal in the valley, which extend out from the center 8" to each side, stay outside that valley metal and there is no problem.
Other areas install a 36" wide roll down the center of the valley, which extends out 18" ...
I'm not sure that the flashing in your photo is even 8" out from the center of the valley, and that is the minimum distance to clear the valley metal.