You'll have no problems. Shanghai isn't all that difficult to get around if you don't speak the language. I lived there for almost two years (about to celebrate a year being home and am heading over in a week or so to visit) and I didn't pick up the language. The metro system is well marked in Chinese and English. There are few tourist places you'll visit, if any, that won't have English language displays. Most large restaurants have menus in English and if they don't they'll have pictures. Only the most local of restaurants will be difficult. There's nearly a half million expats in Shanghai and you'll survive just fine without heading to Laowai Jie (Foreigner's Street) every night.

One thing that will make your life easier is to be sure to take a copy of the hotel's address card when you arrive as well as ask for a tourist map. If you decide to take a taxi, the address card will help you get back to the hotel. The tourist maps usually have the big tourist locations written in Chinese so you can point at them and the taxi driver will know where to take you.