AskTarget confirms: 2 amiibo limit on 5/29
No, not two of each character. Two total. Anyone camping at Target, I'm assuming you're going for Jigglypuff. You get Jigglypuff and one other character. Make your mind up now.
Of course some stores may throw this rule out the window by allowing the first guy in line to buy the entire stock of jigglypuff, robin, lucina, and silver mario but it's better to have a plan now.
Update: We are now receiving conflicting information
AskTarget now says it's two of each character per person. However, AskTarget is presumably handled by multiple people, so we don't know what is right and what is not.