Word wrapping in PyCharm Python Console?

I found the answer here:

File -> Settings -> Editor -> "Virtual Space" group -> Use soft wraps in console

In Pycharm version 2018.3.3 it can be found under

File -> Settings -> Editor -> General -> Console: Use soft wraps in console

For PyCharm version 4.5, soft wrap can be enabled as a global default here:

File > Settings > Editor > General > Soft Wraps > "Use soft wraps in editor"

Starting with Pycharm Community Edition 2016.1, the settings mentioned in other answers are gone.

However, with the debug console opened (i.e. run your python script), click the Use Soft Wraps button there, this will also affect the python console, without any restart needed.

for version 3.4.1:

View -> Active Editor -> Use Soft Wraps