For context, 40 points is your guard limit in LF2, and I converted the points from a percentage to reflect this from the last time I posted this chart. 60 points means the attack will instantly break your guard. I'm going to say 40 repeatedly so you'll understand that 40 is the magic number.

Mechanics of guarding:
Guarding reduces all damage taken to 10% (rounded DOWN). It is essential to minimize damage and also move around safely. An invisible 40 "points" for your guard is present when you fight. It is lowered by 4 when walking and by 8 when running.  Recovery starts whenever you are standing. It recovers by 8 per second when standing, 6 when walking, and only 4 if running. 

Notes:
-The numbers next to attacks represent the hit number in the move or sequence. 1 is the first hit, 2 is the second hit, etc.
-Your guard limit is lowered by 4 points while walking and by 8 if running; it will always stay at 40 otherwise.
-A guard recovers immediately after your character is no longer stunned
-You will stay stunned longer if your guard is broken while moving
-You recover around 8 points per second standing; it recovers 6 while walking and only 4 if running
-Your guard will be useless for 5 seconds after being broken
-FALLING to the floor fully recovers your guard
-Clashes that lock somebody in also locks the recovery of their guard during that period of time
-A soldier has only half the guard of a hero
-*Shawn's P-shot requires 41 points to be deflected. You will be broken if you directly attack the arrow to deflect it unless it accumulated 60 points. Here is an example of this instance: http://www.facebook.com/photo.php?fbid=260163640699812



Misc
Horse Kick1-2: 6
Monster Swipe: 8
Monster Blast(Ball): 12
Monster Blast(Splash): 12
Triceratops Smash: 24
Triceratops Wave: 24
Dino Charge: 12
Grab: 8
Object Throw: 60
Object Charge: 60


Lucas
Normal
Attack1-3: 12
Attack4: 24
Air Attack: 24
Dash Attack: 32
Uppercut: 60
Air Blade1: 12
Air Blade2: 4
Horse
Attack1-3: 12
Attack4: 32
Circle Swing: 12
Stab Attack: 60
Back Attack: 4
Leo
Sword Rush1-3: 60
Ground Stab: 24
Wave: 6
S. Eason
Air Attack 32
Fierce Slashes1-3: 12
Fierce Slashes4: 24
Leap Attack: 24
Wave: 6

Drew
Normal
Attack1-3: 12
Attack4-5: 24
Air Attack: 24
Dash Attack: 28
Shoulder Charge: 16
Mach Punch: 60
Horse
Attack1-2: 12
Attack3-4: 24
Objects
Object Attack: 60
Whirlwind Swing: 60

Shawn
Normal
Arrows: 12
Bow Attack: 24
Dash Attack 28
P-Shot(arrow): Unblockable/60*
P-Shot(impact): 36

Jenny
Normal
Attack1-3: 12
Wind Blade1: 2-4
Wind Blade2: 12
Air Attack: 24
Air Wind Blade1: 36
Air Wind Blade2: 12
Energy Drill(Windup): 4
Energy Drill(Spear): 36
Energy Drill(Energy): 12
Whirlwind Shield: 4
Horse
Attack 1-3: 12
Attack 4: 24
Wind Blade1: 36
Wind Blade2: 12
BackWindBlade1-2: 8
StabAttack: 60
BackAttack: 4

Taylor
Normal
Attack1-3: 12
Attack4: 24
Air Attack: 24
Laser: 12
Shield: 60
Horse
Attack1-4: 12
Thrust: 32
BackAttack: 4

Legge
Normal
Attack1-3: 12
Catch: 24
Air Attack: 24
Fury Snake(Whip): 24
Fury Snake(Wave): 12
Whip Storm: 12
Horse
Catch1: 24
Catch2: 12
Whip: 24

Eason
Normal
Attack1-3: 12
Attack4: 24
Dash Attack: 24
Energy Blast: 8
Dragon Uppercut: 60
Wave: 6
Fierce Fists1-3: 12
Fierce Fists4: 24
Leap Attack: 24
Horse
Attack1-4: 12
Back Attack: 4

Vivian
Normal
Attack1-3: 12
Attack4: 24
Air Attack: 24
Double Slash(Wave): 12
Double Slash(Sword): 24
Air Strike: 24

Jason
Normal
Attack1-3: 12
Attack4: 24
Air Attack: 24
Knives: 12
Boomerang: 16
Horse
Attack1: 12
Attack2: 24
Back Attack: 4

Gordon
Normal
Attacks1-2: 18
Power Bash: 32
Air Attack: 32
Power Blow(Axe): 60
Power Blow(Wave): 16
Crush Strike: 60
Horse
Attack1-2: 32

Giggs
Normal
Pokes1-4: 12
Air Attack: 24
Leaping Slam: 24
Cudgel Bash: 24
WhirlStick: 8
Horse
Attack1: 24
Attack2: 32
Back Attack: 4

Titto
Normal
Attack1-2: 12
Air Attack: 24
Power Swing1-2: 16
Flesh Cannonball: 16
Horse
Attack1-2: 32
Back Attack: 4

Sinan
Normal
Attack1-3: 12
Attack4: 24
Air Attack: 24
Dash Attack: 28
Bats: 16
Ground Blast: 24
Hexagram: Unblockable
Horse
Attack1-3: 12
Attack4: 24
Swing1-2: 24
Stab Attack: 24
Back Attack: 4

Iczzy
Normal
Attack1-3: 12
IceBall: 24
Icicles: 32
Ice Burst: 60
Horse
Attack1-3 12

Heater
Normal
Attack1-3: 12
Attack4-6: 24
Air Attack: 32
Flame Punch: 32
Fire Blast: 24
Fire Explosion: 60
Embers: 12
Horse
Attack1-2 12
Attack3-4 24

Raye
Normal
Attack1-3: 12
Thunder Slam: 60
Air Attack: 36
Electricity(Object): 4
Thunder Bolt: 24
Thunder Strike: 60
Horse
Attack1-2 12

Livermore
Normal
Attack1-3: 12
Attack4: 24
Air Attack: 24
Chasing Blast: 12
Demonic Beam: 12
Big Bang: 60
Hurricane Kick: 24
Horse
Attack1-4: 12
Back Attack: 4

This is the damage done by every character without strength factoring in the damage done in-game, otherwise known as “base” damage. The damage is multiplied by the character's strength (1.xxxx) to deal its proper damage. Each "*" and "+" is used to indicate a separate hit.
 

Lucas
A = 30*3  Guarded: 3, 3, 3
>>A = 45  Guarded: 4
JA = 45  Guarded: 4
>>JA = 50  Guarded: 5
Air Blade = 30 + 15  Guarded: 3, 1
Uppercut = 60  Guarded: 6
 
Lucas (Horse)
A = (30*3) + 45  Guarded: 3, 3, 3, 4
>>A = 30  Guarded: 3
>>,>A = 45  Guarded: 4
<A = 30  Guarded: 3
 
Drew
A = 30*3  Guarded: 3, 3, 3
>>A = 55 + 45  Guarded: 5, 4
JA = 45  Guarded: 4
>>JA = 50  Guarded: 5
Mach Punch = 80  Guarded*: 8
Shoulder Charge = 45  Guarded: 4
(Grab) A = 15
(Grab) >A = 30  Guarded: 2
(Grab) J = 30  Guarded:  3
Hurricane Drop = 80  Guarded: 8
(Object) A = 66*2  Guarded: 6, 6
(Object) >A = 66  Guarded: 6
(Object) >> = 66  Guarded: 6
(Grab/Object) G = 30*3  Guarded: 3, 3, 3
 
Drew (Horse)
A = 30*2 + 45*2  Guarded: 3, 3, 4, 4
>>A = 45  Guarded: 4
Whirlwind Swing = 30  Guarded: 3
 
Shawn
A = 25  Guarded: 2
>>A = 55 + 45  Guarded: 5, 4
>>JA = 50  Guarded: 5
P-Shot (Arrow) = 60
P-Shot (Impact) = 20  Guarded: 2
 
Jenny
A = 30*3  Guarded: 3, 3, 3
>>A - 45 + 15  Guarded: 4, 1
JA = 45  Guarded: 4
>>JA = 50 + 15  Guarded: 5, 1
Whirlwind Shield = 8*4  Guarded: 0, 0, 0, 0
Energy Drill (Spear) = 10  Guarded: 1
Energy Drill (Energy) = 30*2  Guarded: 3, 3
Energy Drill (Back pokes) = 30*2  Guarded: 3, 3
 
Jenny (Horse)
A = (30*3) + 45  Guarded: 3, 3, 3, 4
>>A = 45 + 15  Guarded: 4, 1
>>,>A = 45  Guarded: 4
<A = 30  Guarded: 3
 
Taylor
A = 30*3  Guarded: 3, 3, 3
>>A = 45  Guarded: 4
JA = 45  Guarded: 4
Laser = 20*4  Guarded: 2, 2, 2, 2
Shield = 25  Guarded: 2
 
Leo
A = 30*3 Guarded: 3,3,3
>>A = 45 Guarded: 4
JA = 45 Guarded: 4
>>JA = 50 Guarded: 5
Air Blade 30 + 15
Uppercut = 60 + (5*6)  Guarded: 6 + 0*6
Sword Rush = 30*3  Guarded: 3
Ground Stab = 40 + (5*6)  Guarded: 4 + 0*6
 
Legge
A = 25*4  Guarded: 2, 2, 2, 2
>>A = 40  Guarded: 4
Throw = 40  Guarded: 4
JA = 40  Guarded: 4
Fury Snake = 20*4  Guarded: 2, 2, 2, 2
(Grab) Fury Snake = 15 + (20*3)
Whip Storm = 18*3  Guarded: 1
 
Eason
A = 30*3  Guarded: 3, 3, 3
>>A = 55  Guarded: 5
JA/>>JA = 50  Guarded: 5
Energy Blast = 25  Guarded: 2
Dragon Uppercut = 60 + (5*6)  Guarded: 6, 0
Fierce Fists = (18*3) + 55  Guarded: 1, 1, 1, 5
Leap Attack = 40  Guarded: 4
 
Swordsman Eason
A = 30  Guarded: 3, 3, 3
>>A = 45  Guarded: 4
JA/>>JA = 50  Guarded: 5
Air Blade = 30 + 15  Guarded: 3,1
Super Uppercut  = 60 + (5*6)  Guarded: 6, 0
Fierce Slashes = (16*3) + 20  Guarded: 1, 1, 1, 2
Leap Attack = 35  Guarded: 3
 
Vivian
A = 22*3  Guarded: 2, 2, 2
>>A = 45  Guarded: 4
JA = 45  Guarded: 4
Double Slash = 26(+15) + 26(+20)  Guarded: 2,(1), 2,(2)
Air Strike = 45  Guarded: 4
 
Jason
Attack1-3 = 30*3  Guarded: 3, 3, 3
Attack4 = 45  Guarded: 4
JA = 45  Guarded: 4
Knives = 25  Guarded: 2
Boomerang = 45  Guarded: 4
 
Jason (Horse)
A = 30 + 45  Guarded: 3, 4
<A = 30  Guarded: 3
 
Gordon
A = 50*2  Guarded: 5, 5
>>A = 70  Guarded: 7
JA = 70  Guarded: 7
Power Blow = 70 + (20*2)  Guarded: 7, 2
Crush Strike = 70 + 20  Guarded: 7, 2
 
Gordon (Horse)
A = 64*2  Guarded: 6, 6
 
Giggs
A = 30*4  Guarded: 3, 3, 3, 3
>>A/JA = 45  Guarded: 4
>>JA = 40  Guarded: 4
Cudgel Bash = 35  Guarded: 3
WhirlStick = 10  Guarded: 1
 
Giggs (Horse)
A = 30 + 45  Guarded: 3, 4
<A = 30  Guarded: 3
 
Titto
A = 30*2  Guarded: 3, 3
>>A = 30 + 25  Guarded: 3, 2
JA = 45  Guarded: 4
Thousand Swings = 20  Guarded: 2
Flesh Cannonball = 35  Guarded: 3

Titto (Horse)
A = 35*2  Guarded: 3, 3

Sinan
A = 30*3  Guarded: 3, 3, 3
>>A = 45  Guarded: 4
>>JA = 50  Guarded: 5
JA = 45  Guarded: 4
Summon Bats = 20  Guarded: 2
Ground Wave = 30*2  Guarded: 3, 3
Hexagram Curse = 30

Sinan (Horse)
A= 30*4 Guarded: 3, 3, 3, 3,
A = (30*3) + 45  Guarded: 3, 3, 3, 4
>>A = 45 Guarded: 4
<A = 30  Guarded: 3

Iczzy
A = 30*3  Guarded: 3, 3, 3
>>A = 30  Guarded: 3
Icicle = 40  Guarded: 4
Ice Burst = 60  Guarded: 6
 
Heater
A = 30*3  Guarded: 3, 3, 3
>>A = (45*2) + 50 Guarded: 4, 4, 5
JA/>>JA = 55  Guarded: 5
Ground Flames = 5
Flame Punch = 55  Guarded: 5
Fire Blast = 55  Guarded: 5
Fire Explosion = 55 Guarded: 5

Heater (Horse)
A = 30*2  Guarded = 3
>>A = 45*2  Guarded = 4
 
Raye
A = 30*3  Guarded: 3, 3, 3
>>A = (12*3)*2  Guarded:  1, 1, 1; (72 Total damage near walls)
JA = 50 + (12*3)  Guarded: 5, 1, 1; (86 Total damage near walls)
Throw = (12*3); 36 total damage near walls
Thunder Bolt = 27 + (12*3)  Guarded: 2; (63 Total damage near walls)
Thunder Strike = 44*2 + (12*3)*6  Guarded: 4; (304 total damage of entire explosion, 124 total damage of single target near walls.)
 
Livermore
A = 30*3  Guarded: 3, 3, 3
>>A = 45  Guarded: 4
JA = 45  Guarded: 4
Chasing Blast = 30  Guarded: 3
Demonic Beam = 40*5  Guarded: 4
Hurricane Kick = 45  Guarded: 4
Big Bang = 70  Guarded: 7