Hyphenation for Movable Type is a plug-in for Movable Type 4 that automatically hyphenates your entry text based on OpenOffice hyphenation dictionaries. The screenshot shown on the plug-in's home page illustrates the concept.
Download the plug-in here.
Please note that this plug-in may signficantly increase your build time and the HTML page size of your blog entries. Read the plug-in instructions for details on how to hyphenate only selected text.