Hers's a trick I used for years getting people set up. Close your eyes, draw the bow to your comfortable anchor position, open your eyes, and look through the peep. If it's not right make an adjustment. As others have stated, if you do move the peep you will probably have to tinker with alignment as well. Best done with a press.
^^^great advice. We often do not realize how we adjust/adapt to what we are handed. Meaning bow is setup a certain way and normal draw with eyes open, your head/eye will naturally adjust to be behind the peep. While that may work, it means you are training yourself into a position that is not natural for you. It is much better to set your peep to your natural draw, anchor and hold. Then it will all feel natural when you draw which means easier to fall into when the pressure is on in the woods.